In the past few years, investors have encountered an unstable market due to economic downturns and global disturbances impacting various asset classes. The crypto market has experienced growth, with Bitcoin remaining strong above $37,000.
Solana and FTT from the FTX exchange have shown different performances, and Ethereum has emerged as one of the cryptocurrencies with positive returns.
BCH Outperformed BTC
Bitcoin Cash (BCH) has shown a year-to-date growth of 147%, surpassing Bitcoin’s
(BTC) 122% growth. Despite recent gains in BTC price, its momentum is still uncertain.
BCH has had a different trend in recent weeks with its price consolidating and causing holders to liquidate. However, members of the Bitcoin Cash community are hopeful for a potential bull run, especially if the Bitcoin Spot ETF is approved.
BCH was listed on EDX on June 20 along with other popular cryptocurrencies, resulting in a significant boost in its credibility and value. EDX caters to institutional investors and BCH’s inclusion resulted in a remarkable surge of 37% within three days.
BCH’s Community is Hopeful
The BCH price has been exhibiting a different trend in recent weeks, resulting in the loss of many holders. Despite this, members of the Bitcoin Cash community remain hopeful for a potential bull run, especially if the Bitcoin Spot ETF is approved.
Bitcoin Cash is a Proof-of-Work blockchain network that serves as an alternative to the popular Bitcoin and is intended for quicker and cheaper use of altcoins. Its token is referred to as BCH.
Prediction of BCH Coin Price
At the press time, the BCH coin is trading at the level of $233 after coming back from the immediate resistance of $270. However, the coin has been in a sideways trend since the start of this July. At present, the first support level is at $217 while the second support level is at $182.
The EMAs made a bullish crossover long ago during the June price surge. At present, the 50-day EMA is at the $232 level while the 150-day EMA is at $214. The RSI on the other hand is showing a declining pattern which indicates a weak bullish strength. At press time, the RSI is at 47 while its SMA is at 46.
The BCH price prediction will be bullish if the bulls can continue surfing its EMAs. However, the prediction also emplies that before making a surge, the coin will be retesting its support level of $217.
Conclusion
Bitcoin Cash (BCH) has shown a year-to-date growth of 147%. It has surpassed the growth of 122% growth made by Bitcoin (BTC). Despite recent gains in BTC price, its momentum is still uncertain. However, the current trend in crypto is sideways because of the price rejections upon the resistances.
Technical Levels
- Support Levels: $217 and $182
- Resistance Levels: $270 and $329
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/11/21/bch-coin-price-bulls-outperformed-the-btc-year-to-date/