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Cryptocurrency News Articles
BCH Price Brings The Best Entry For Long-term Holders
May 06, 2024 at 03:05 pm
The BCH price trend shows a bullish reversal from the $400 level.
A rising trend in 50W EMA teases a golden crossover with the 200W EMA.
The bullish reversal aims to reclaim the $500 mark.
Following a massive crash during Bitcoin’s downfall, the BCH price trend faces a small hiccup in its recovery phase. With an evening star kickstarting a bearish takeover, the altcoin finally regains momentum at $400 for a comeback.
After the much anticipated Bitcoin Halving fails to boost the market in April, a turnaround is possible in May. As the recovery rally picks up momentum, the Bitcoin Cash price could surpass the realm of triple digits. 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
With a market cap of $9.34 Billion, Bitcoin Cash at #15 is skipping ranks in the list of top 100 altcoins. The BCH token price marks a downfall of 36% drop in April to break under the $500 psychological mark.
Tradingview
However, despite the sharp drop last month, the 1W chart provides a slightly bullish perspective. The long-tail rejection in the recent weekly candle reflects strong underlying demand at the $400 level.
The long-tail Doji candle increases the likelihood of a morning star pattern to revive the uptrend. Further, a broader market recovery could propel the BCH price beyond the $500 mark.
Will The BCH Price Turn Green in May?
Currently, the Bitcoin Cash price trades at $474 and has recovered 9.29% in just six days of May. A bull run beyond $500 is possible because the uptrend sustains momentum.
As per the Fibonacci levels, the BCH token price could reach the 50% level at $762.On the flip side, another spike in supply could retest $400.
Technical indicators:
EMAs: The high anticipations of a golden crossover in the 50 and 200 weekly EMAs bolster the uptrend chances.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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