Bitcoin Cash Price Surges, But Whales Are Secretly Hoarding This Coin
As anticipation builds for a potential Bitcoin bull run, Bitcoin beta plays like Bitcoin Cash are seeing significant gains, with its price up 11.25% month-on-month.
This article will provide an analysis of BCH’s current price trends and look to see whether an innovative new meme coin, Pepe Unchained, represents a more promising investment opportunity at this time.
$BCH tf: W
higher degree wave count suggests a triangle formation, looking for an upward breakout soon
big target? previous all-time high around 4300.00#BCH #BitcoinCash #CryptoAnalysis #crypto #ta #crypto_trading pic.twitter.com/1GNsaCo34U
— Ivan Peychev (@ivanitrust) July 30, 2024
Sentiment amongst traders on Crypto X remains bullish, with holders anticipating a serious upside move to an all-time high above $4,000 over the coming months, according to Wave Theory analysis.
As price action cools off from a recent bullish push, Bitcoin Cash is currently trading at a market price of $438 (representing a 24-hour change of -0.96%).
This comes as localized retracement amid a multi-day bounce, which has seen BCH price launch from support at the 20DMA (sat at $386) to consolidate below the next resistance level at $470.
This upside move has cemented bullish poise, and the technical structure is acutely bullish as BCH holders anticipate a shift into the upper side of the well-established trading channel.
Such a move could see BCH price targeting as high as $529 – a level that has capstoned price action since April 12.
Meanwhile, a glance at the RSI reveals that Bitcoin Cash price could benefit from holding current levels into the weekend, with a strong consolidation here increasing upside capacity on the inevitable upside resistance test.
Overall, in the
Read more on cryptonews.com
