NewsPrice Analysis

Bitcoin Cash Is Not Free From The Bearish Trend – BCH/USD Slopes 4.62%

As the whole crypto market is bleeding red, we can see that Bitcoin Cash is leading in the top 10 cryptocurrencies in terms of the losses recorded today.

At the time of writing, Bitcoin Cash (BCH) has lost nearly 5.83% of its value on the cryptocurrency market.The 6th largest coin with the market value of $4.6 billion sloped down below $300 and now trading at $267.64.  Currently, the total supply of the coin is 17,722,438 BCH with 24 hour volume $1,702,001,645 USD.

Basically, Bitcoin Cash (BCH) is a hard fork of Bitcoin that took effect on August 1st, 2017. It prioritizes on chain scaling and utility as a peer-to-peer electronic cash system. Bitcoin Cash increases the size of blocks, allowing more transactions to be processed.

Technical Analysis

By seeing the chart we can analyze the pump and dump of the price at a particular time interval. Looking technically, on April 11th, initially, the bitcoin cash price against USD ( BCH/USD ) was $285.86, later after 2-hour time period we can notice a drastic drop in price reaching $260.30. But nonetheless, the coin gained back the momentum and spiking high reaching  $276.40 at the end of the day with 24-hour volume $1,964,981,845 USD.

Today, initially, the coin was trading at $276.67. During the 2-hours period the price slightly decreased to $262.12. By seeing the chart we can predict that the coin is taking baby steps to gain back momentum.

On the other hand, coming to the recent updates, On April 11th Mithril announced to support BCH, the company recently tweeted that :

Thus, we may expect a few more updates in bitcoin cash hope for Bullish moment.

Article Name
BCH/USD Slopes 4.62% - Bitcoin Cash Still Sees Bearish Trend
BCH is still experiencing a Bearish trend as the BCH/USD slopes 4.62%. Bitcoin Cash price may hope to see a bullish moment very soon.
Qadir AK
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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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