A hard fork in the blockchain of the initial Bitcoin led to the creation of Bitcoin Cash in 2017. Compared to Bitcoin, it has larger blocks, allowing for quicker and less expensive transactions. While Bitcoin has a block size of 1MB, Bitcoin CASH has a block size of 32MB.
Faster confirmation times are achieved by processing more transactions thanks to the greater blockchain size.It aids BCH in being adopted by numerous companies. Although Bitcoin Cash has a poor ROI right now, things may change in the future. With a blockchain size of 187,842,367kb and an inflation rate of $150,000,000,000 based on daily BCH mining, Bitcoin Cash is the largest cryptocurrency.
92% of its supply, which is the same as that of Bitcoin, is in active circulation. BCH has increased by over 65% from it’s all-time low and decreased by 97% since its all-time high. The average transaction value for BCH is $440,000, and this value has been dropping over the last few weeks.
With a $2.4 billion market cap, Bitcoin Cash is the 28th most valuable cryptocurrency. In the intraday session, the asset price volume has decreased by 0.38%. BCH’s volume-to-market cap ratio points to a price trend that is stable.
Make-or-Break for BCH Crypto Price!
Bitcoin Cash price prediction hints towards the recovery phase of BCH crypto during the day’s trading session. BCH crypto has been trading inside the symmetrical triangle pattern and must break free. However, buyers are trying to fuel the BCH crypto price to break out from the upper trendline of the symmetrical triangle pattern.
Meanwhile, BCH crypto has gained around 2.75% in a week and 13.01% in a month. Moreover, Bitcoin Cash has recovered around 18.43% in three months and BCH Crypto has gained 30.45% year to date, suggesting its maximum recovery during 2023.
Technical indicators suggest the upward momentum of BCH crypto. Relative strength index showcases the uptrend momentum of BCH crypto price. RSI was at 52 and is trying to move towards the overbought territory.
MACD exhibits the upside trend of Bitcoin Cash price. The MACD line is above the signal line after a positive crossover. Investors in BCH need to wait until the bull sustains the momentum at the upper trendline.
Summary
A hard fork in the blockchain of the initial Bitcoin led to the creation of Bitcoin Cash in 2017. 92% of its supply, which is the same as that of Bitcoin, is in active circulation. BCH has increased by over 65% from it’s all-time low and decreased by 97% since its all-time high. Bitcoin Cash price prediction hints towards the recovery phase of BCH crypto during the day’s trading session. Technical indicators suggest the upward momentum of BCH crypto.
Technical Levels
Support Levels: $123.75 and $120.00
Resistance Levels: $130.00 and $150.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/04/10/bitcoin-cash-price-prediction-bch-crypto-ready-to-break-free/