BCH Price Shaped a Triangle, 40% Gain Loading Ahead?

When writing, the Bitcoin Cash crypto traded at $364.80 and has remained neutral over the past 24 hours. The market capitalization was $7.22 Billion

Bitcoin Cash (CRYPTO: BCH) price has been weak since Q2 2024 due to resistance from a descending trendline.

The bearish trend halted near the $300 hurdle since July. Sellers tried to drag the price below the significant support level many times.

However, the BCH price bounced back with a strong candlestick from the crucial support level. It surpassed the 200-day exponential moving average (EMA) and reached the crucial breakout level.

Let’s see what the Bitcoin Cash price prediction says about what can happen after the breakout.

BCH Price Shaped a Triangle, What’s Next?

At press time, the Bitcoin Cash crypto traded at $364.80, remaining neutral over the past 24 hours. The market capitalization was $7.22 Billion, and the 24-hour trading volume was $281.52 Million.

The BCH price departed from the major support zone. It extended to the descending triangle. The bullish momentum halted near the breakout territory and struggled between the 200-day EMA and the trendline.

If the digital asset price triggers a breakout, it could attract buyers. Suppose the trading volume supports the bullish momentum; buying pressure for the next few weeks can be anticipated. Assuming the price overcomes the $430 mark, it may easily travel to the $500 haul.

On the other hand, if the Bitcoin Cash crypto price faces resistance from the descending trendline, it could be a bearish signal. Bearish candlesticks near 200-day EMA could drag down the price to the significant support level. Strong selling pressure can be seen once the price loses the $300 level.

The MACD has shown a bullish crossover with the Signal line based on the technical indicators. The histograms are green, and the MACD is in the positive territory. The BCH price has smashed the key moving averages, which could generate a bullish momentum.

Is 40% Gain Loading in BCH Price Ahead?

A crypto analyst, World Of Charts (@WorldOfCharts1), shared his analysis about BCH crypto on X. He suggested that the Bitcoin Cash price triggered a breakout from the falling wedge pattern with a rise in volume.

$Bch#Bch Breaking Falling Wedge With Strong Volume Expecting 2x In Coming Weeks https://t.co/GMOOycWP0Y pic.twitter.com/FhZAjrvc65

After a successful breakout, the BCH price is expected to gain 2x by next week. It has the potential to cover 40% in a single move.

Bitcoin Cash Price Analysis and Forecast

The BCH price is currently at a crucial level of breakout. The price has shown a bullish chart pattern and crossed over the 200-day exponential moving average (EMA).

It has reached the crucial breakout level. The market capitalization is $7.22 Billion, with a 24-hour trading volume of $281.52 Million.

If the price triggers a breakout and crosses over the $430 mark with support from trading volume, it may easily travel to the $500 level.

On the other hand, facing resistance from the descending trendline could signal a bearish trend.

Technical indicators suggested a potential bullish momentum. The MACD showed a bullish crossover, and the price surpassed vital moving averages. Monitoring the price action and trading volume in the coming weeks will be essential to anticipating the next move in Bitcoin Cash price.