For the past few weeks, the crypto market in general and that of Bitcoin in particular has experienced a considerable increase in terms of price. The most recent analysis of the value of Bitcoin Cash shows that its BCH token also benefited from the bullish movement of the market.
His performances reveal the presence of a upward trend of sound in the last 24 hours due to the rapid growth of the price. Despite the price correction it suffered a few hours ago, the current trend remains positive for buyers.
BCH Token Value Soars Amid Uptrend
According to the results of the study of the progress of Bitcoin Cash, it can be seen that since April 9, 2023, the general trend of the token is on the rise. The most recent uptrend has also brought BCH/USD to its current value of $132.50.
Analysis of the price of Bitcoin Cash over the one-day period provides a favorable indication about the price movements of the token. The abrupt return of the upward trend in the market had the effect to push the price up in the past 24 hours.
However, while bulls have consistently dominated the market over the past week, the cryptocurrency BCH refused to climb higher during the day on Wednesday the 13th.
She even had to deal with a brief fix which didn’t last long. The next day, the token’s price started to rebound and reached $131.36, adding 2.29% to its value over the past 24 hours.
Its price is currently found above the moving average (MA) of $127.25. However, most analysts believe that the price of the cryptocurrency could experience a new bullish push in the coming days.
This statement is motivated by the fact that the price of the token exceeded the upper limit of the volatility indicator: a sign of increased volatility, which is favorable for predicting future market movements.
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Recent Bitcoin Cash Developments
While it is true that lately the price of BCH has been moving with a slight bearish trend, analytics show that buyers supported stream prices over the last 16 hours. Also, when we study the price of Bitcoin Cash over 4 hours, we see the imminent arrival of a strong positive trend for the market.
The 4-hour price chart also confirms a bullish trend for the cryptocurrency. The price action is also confirmed by the short-term moving line. The value of the token shot up to $131.36 due to the positive trend.
Furthermore, the SMA curve 20 being higher than the SMA 50 curve, analysts believe this is another bullish sign.
If the value of the moving average is $129.34, rather, the Bollinger Bands average slightly above $130. While the lower edge reaches $129.31, the upper edge is at the high at $133.65.
However, as the uptrend has slowed, the RSI score has stabilized at a lower index. Nevertheless, a further increase in the value of BCH/USD is expected in the next few hours.
The bulls in full control of the market?
Finally, it should be noted that the results of the analysis of the price of the Bitcoin Cash over the 24-hour and 4-hour periods show a strong uptrend. This is due to the fact that the cryptocurrency market has seen a huge improvement over the past few days.
The value of the token currently sits at $132.50 due to the increasing bullish momentum. Although it is on the downside for the moment, the bulls remain in control of the market and it is possible that its price will rise again.
On the other hand, the bears are not ready to give up since they are still applying intense sales pressure on the market. It is also possible for a resistance zone to emerge at the $131.56 level. The latter could temporarily stop the upward movement of the price.
Source : CoinMarketCap
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