Is Bitcoin Cash is Going to Zero? BCH Price Drops 5% and Sonik Coin Approaches $700,000
Leading hard-fork Bitcoin Cash (BCH) has fallen -5%, as price action continues to tumble amid tumultuous resistance from the 20DMA - is Bitcoin Cash going to zero?
After more than 60 days of downside price action, BCH bag-holders are in a state of fear as market and media interest fleets from the hard-fork project.
In a particularly dramatic move on August 26, CNBC removed Bitcoin Cash from their cryptocurrency market coverage - replacing BCH with Solana.
Initial hopes of a potential recovery by Bitcoin Cash were scuppered yesterday, after a dramatic -5% rejection from tough resistance at the 20DMA crushed trader's hopes.
As price action battles to hold consolidation, Bitcoin Cash is currently trading at a market price of $189.30 (representing a 24-hour change of -0.73%).
This comes after 60-days of downside price action, which has seen BCH bleed-out -42% since rejection from the upper-trendline at a local high of $330.
Worse still, the descendant 20DMA has formed an intense ceiling of resistance that has suppressed BCH for 45 days since July 14.
Yet, despite the serious capstone of resistance, the final two-weeks of August have seen a shift in sentiment - after 12-days of well-defended consolidation above $180 - BCH appears primed to re-test the 20DMA.
However, rejection here could spell disaster - with a fall to the 200DMA at $160 a likely result.
The RSI remains cooled-off with a significant oversold signal at 36.23, indicating that there could be the capacity to push up higher.
And this is reflected with bullish divergence on the MACD at 0.5 - suggesting momentum could see another run at the 20DMA.
Overall, all eyes are on the resistance zone around the 20DMA - which threatens to make-or-break price action on the short-time
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