BCH Price Surges Past $500: Eyes $541 and New 52W High

Published by

Sohrab Khawas

November 21, 2024

As Bitcoin price creates a new all-time high at $97,900, the close curse in Bitcoin Cash is making waves. With a massive surge of 18.29% in the past 24 hours, the BCH price has crossed the $500 barrier.

Will this breakout rally result in a new 52-week high above the $719? Let’s find out in Coinpedia’s latest BCH price analysis.

Bitcoin Cash Price Performance

In the daily chart, the BCH price action shows a falling-edge breakout rally finally gaining momentum. After consolidation in October and early November, the BCH price has crossed above the 23.60% Fibonacci level at $387.

With a V-shaped recovery, the uptrend starting from… $321 is now trading at $519. This rally accounts for a 61.30% rise. Furthermore, it has broken above the 50% Fibonacci level at $493.

Creating a massive bullish engulfing candle, it has crossed above 2 Fibonacci resistance levels, increasing chances of an upside rally.

Technical indicators:

EMA: Supporting the bullish trend, the recovery rally resulting in a bullish influence has given a golden crossover between 50-day and 200-day EMA. Furthermore, the 100-day EMA and 200-day EMA have given a positive crossover.

MACD: The MACD indicator reveals a narrow escape from a bearish crossover with the bullish engulfing candle. Hence, the technical indicators maintain a positive alignment. Hence, the technical indicators maintain an optimistic viewpoint for BCH price.

Will The BCH Price Cross $700?

The Fibonacci retracement tool paints the immediate price target at $541. A breakout above this level will target the $608 and $694 with increased chances of a new 52-week high.

Beyond the 52-week high, the 1.27 Fibonacci level at $803 is a potential price target for December 2024. On the flip side, the crucial support levels for BCH price are at $493 and $446.

As the bull run picks up, will the Bitcoin Cash price reach $1,000 in this recovering market? Find out more about our BCH price prediction, which provides a long-term view.

FAQs

What is the current Bitcoin Cash price and recent performance?

Bitcoin Cash (BCH) is trading at $519, up 18.29% in the past 24 hours, with a 61.30% rally from $321.

What are BCH’s key price targets?

Immediate targets are $541, $608, and $694, with a potential new 52-week high above $719. Longer-term, $803 is a target for December 2024.

What supports BCH’s bullish momentum?

A falling-edge breakout, Fibonacci retracement levels, EMA golden crossovers, and bullish MACD alignment support the uptrend.

Sohrab Khawas

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.