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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- May 15, 2024 08:18 UTC
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BCH Price Near $400 Extends Buying Opportunity
The BCH price trend reversal from 50% Fibonacci Level tests 23.60% Fib level.
The correction to the $400 level prolongs the sideways trend.
A bullish comeback could hit the $1000 mark in 2024.
With the broader market recovery taking early steps, the BCH price is near a crucial support level, which provides a buy-the-dip opportunity. The lack of bullish momentum delays the comeback rally in Bitcoin Cash, as Bitcoin stays volatile, close to $60,000.
As the meme coin rally gains momentum, the sideline traders anticipate the altcoins will witness increased demand. Will the Bitcoin Cash price reach $1,000 in 2024? Find out more about our BCH price prediction, which provides a long-term view.
Bitcoin Cash Price Performance
Being a close cousin to Bitcoin, the BCH price trend depends on the BTC price movement. Currently, the BTC price fluctuates near $60,000, with a longer range; however, Bitcoin Cash stays consistent above $400.
In the weekly chart, the 7.71% drop last week makes a bearish candle to undermine the lower price rejection candle a week before. Currently, the BCH price trades at $432 with an intraday move of 0.77%, reflecting a halt in bearish pressure after 2% drop last night.
Further, the downfall comes as the retest of the rounding bottom breakout with a neckline at 23.60% Fibonacci level. Hence, some of the market participants expect a post-retest reversal rally for a new peak.
Technical indicators:
EMAs: The high anticipations of a golden crossover in the 50 and 200 weekly EMAs bolster the uptrend chances.
RSI: During the recent correction, the weekly RSI line exits the overbought zone but sustains above the halfway line.
Will The BCH Price Cross $500?
As per the Fibonacci levels, the BCH token price is close to the support confluence at the $400 level and the 23.60% level. This increases the likelihood of a bullish comeback for Bitcoin Cash.
On the flip side, a downfall under $400 could retest $250.
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