Bitcoin Cash surges 21%, nears key $400 resistance
Key Takeaways
Bitcoin Cash (BCH) has surged by 21% and is on the verge of a potential trend reversal. A closing price above $351 could confirm a bullish structural shift. However, resistance zones between $408 and $425 may pose a challenge.
Bitcoin Cash: Strong Demand Drives Price Increase
The recent price surge of Bitcoin Cash has been supported by increased demand. The cryptocurrency shows a positive correlation with Dogecoin (DOGE) and Chainlink (LINK), while its connection to Bitcoin (BTC) is somewhat weaker. The increased trading activity suggests that interest in BCH is growing.
Can Bitcoin Cash Reclaim the $400 Mark?
BCH’s price is currently moving towards the psychologically important $400 mark. On-chain data indicates that the number of active addresses has significantly increased in recent days. This suggests that more market participants are actively trading, which could further influence the price.
Key Resistance and Support Zones
According to on-chain data, a significant resistance zone lies between $408 and $422. If BCH breaks through this area, the next resistance could be just below $450. On the downside, the zones between $329 and $342 provide potential support, as high buying volumes have been recorded there in the past.
Technical Analysis: Bullish Outlook with Limitations
Price movements indicate a possible trend reversal. A closing price above $351 would confirm a bullish structural shift. Trading volumes have increased, signaling strong market conviction. However, the area between $414 and $425 could be an attractive zone for short positions. A breakout above $452 would invalidate this scenario.
Our Assessment
Bitcoin Cash is currently showing strong upward momentum, but resistance areas could slow further gains. Traders should closely monitor price developments, especially around the $400 and $425 levels. A sustained breakout above these marks could unlock further upside potential.
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| Symbol | BTC |
| Coin type | Alt Coin |
| Transaction Speed | Slow |
| Pros |
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| Cons |
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| Further practical applications | |
| Price | $77,380.00 |
| 24h % | -0.64 % |
| 7d % | -9.30 % |
| 30d % | -6.83 % |
| 60d % | -21.11 % |
| 1y % | 7.79 % |
| Market Cap | $1,537,742,907,239.00 |
| Max. Supply | 21,000,000.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
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