The digital asset industry sees some signs of bullish strength as most coins have significantly recovered from recent losses. Even with Bitcoin Cash’s continuous losses some days ago, it has maintained an upward movement above the $500 mark and has started recording some gains around the range.
The crypto had struggled to move above the mark for some time but has finally retaken the support level, which shows that there is a likelihood for the asset to record more significant gains if the buyers continue pushing their pressure. The increasing buying pressure has helped the asset maintain its movement above the current support and helped it see some notable gains despite the bearish signals that raved the asset some days ago.
BCH records new gains
Bitcoin Cash is not the only gainer as other assets record attractive new gains, which could mean that the cryptos might soon retake their ATHs. Digital asset holders would likely hold their assets for the time-being as charts show a huge possibility of a breakout occurring in the nearest future.
Yesterday’s gains were slight, but today’s gains show that the asset is moving towards the bullish zone and get enough support to take the $600 mark, which is its next target. The asset’s key resistance points hold around $600, $650, and $700. The support level holds around $450, $400, and $350.
The crypto failed to move above the moving averages yesterday, resulting in a slight price fall. Now, the asset is gaining some stance against the moving averages, which means that it could be on the verge of a breakout.
The bearish inclination made it difficult for BCH to move above the mark and even recorded declines due to the downward movement. It’s safe to note that the crypto is trading below the moving averages despite the new gains, which could mean that the crypto’s recent gain is not for the long-term. The asset is currently trading around $540, which shows a shallow increase from yesterday’s fall.
BCH is more stable than Bitcoin
If the asset manages to move upward and finally bypass the $550 mark, moving upward would become slightly easier as market bulls are prepared to take the digital asset up the charts when it revisits that range. With the new momentum, the crypto would likely hit the $600, $650, and $700 marks as it continues to uptrend.
Unfortunately, this might not happen if the crypto doesn’t see notable gains. The digital asset will likely retake the $550 mark if it manages to keep the selling pressure in check. The current support could ignite more falls if it falls to hold the digital asset when it attempts to take more significant highs.
If the support falls, then the crypto’s next stop would be around $450 and downwards. Compared to the king coin, Bitcoin Cash has better stability and has worked within range for the last few days. The current outlook for BCH is short-term bearish as the RSI (14) moves below the 40-level.