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Bitcoin Cash, the would-be de-facto BTC is as popular as its namesake. BCH is the 5th position as per market capitalization. There seems to be a recent activity in the crypto industry related to Bitcoin cash. Rakuten, an e-commerce giant in Japan has decided to allow users to convert their loyalty points to BTC, BCH. As a result, the BCH price has surged around 7.5% in the last 24 hours, while 9.8% since last week.
BCH Price Analysis:
Bitcoin Cash is trading 7% higher against USD with $206.31 USD. While BCH price is up by 6% trading at 0.02818568 BTC. The market cap has increased to $3,752,987,530 USD while the 24hr trading volume rose to $2,216,211,826 USD. Moreover, in the late hours of Dec 27, 2019; the Bitcoin cash price surged drastically from $193 to $202 in minutes and it reached $209 USD.
The Bitcoin Cash price is gaining a bullish trend from chart shows. However, it has yet to overcome the last month’s drop from $207 to $176 on Dec 16.
Bitcoin Cash Technical Analysis:
Bitcoin Cash is gaining price as per the technical analysis. BCH/USD bulls are making a late push in the session on Friday, after starting on the back foot. The price has been falling consecutively for going on eight weeks, with no sign of a change. However, the last 24hrs have brought a wave relief for BCH traders.
- RSI Indicator – The 4hr RSI trading chart shows the BCH price above level 70. It shows a continue in the bullish trend.
- MACD Indicator – The 4hr MACD indicator shows BCH price in the green trading zone. This too depicts a bullish surge in the future.