Things might be looking brighter for BCH holders as the asset is currently showing some bullish momentum as it shows regular surges. Since the price corrections weeks ago that shook all digital assets, normalcy is returning to the sector as bulls reclaim dominance of the market. The asset recently saw a 1% increase, which might suggest that bulls are not done, and that there is a possibility of more prominent growth in the future.
Bitcoin Holders would likely smile to the bank as indicators signals more bullish strength as bears make a temporary exit from the market. It’s expected as numerous assets see a similar rise, which currently adds significant gains especially since late February’s price decline.
Bitcoin Cash sees bullish activities
Buyers would likely rush into the market as the bullish season emerges to benefit from the growing asset. With more buyers, comes more possibility of higher price gains as buying pressure helps calm the selling pressure’s effect. The asset’s most significant resistance points are around $650, $700 and $750. On the other hand, the support level holds at around $450, $400 and $350.
The new price growth is due to the increased bulls activities. The crypto currently sees some issues around $550 range as it moves alongside the 21-day MA. The asset has to stay strong go prevent falling below the 9-day moving average, which could lead to more drastic falls. The next possibly stop at that junction would be $500, before hit $450 and below.
Fortunately, the technical indicator, RSI (14) is moving above the 50-level, showing the presence of the bulls as the charts acknowledges their activities. If the asset falls below the level, it would mean a drop to lower prices starting from the closest support, which is $450.
If the fall persists to the $340 price level, there is a likelihood that it would start run another bullish rally that would skyrocket the cryptocurrency. Although Bitcoin Cash is currently performing well, bears might retake dominance if selling pressure persists, causing more significant falls and crashes.
BTC/BCH comparison
Comparing Bitcoin Cash to Bitcoin, the asset’s RSI (14) moves beneath the 35-level when looking at the two cryptos. The buyers have to support BCH or it would fall due to some market activities. 800 SAT is its closest support when it loses the 950 SAT level.
Fortunately, buyers seem committed towards earning more profits, leading to more frequent buys for the digital assets, helping the crypto move up the charts. The industry’s outlook presently is helping all coins gain lost value during the bearish days, and those who bought the dip would likely benefit from the rapid price gains.
It’s safe to note that selling pressure continues to remain one of the crypto’s hurdles as it battles growing pressure preventing significant gains for the digital assets. The bull’s presence would help the market welcome more price growth, and might calm the selling pressure as traders hold for longer to benefit more gains. Being one of the world’s largest crypto, Bitcoin Cash continues to bring in investors leading to potential price surge.
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