As always, most of the crypto world is preoccupied with the movements of Bitcoin since it’s the biggest name in the scene. It has continued on its upward trajectory since the precipitous fall mid-March. It’s back at a healthy level that exceeded $10,000 in early June. Since then, however, it seems to be stuck on a plateau with the market unable to decide whether it should go up or down. The last week suggested a slight downward trend although the most recent trading day provided a recovery. Now let’s shift our focus to an interesting alt coin, the Bitcoin Cash price analysis.
The trading volume for BCH is not even a tenth of BTC but it’s still a large amount at over a billion dollars in the last 24 hours. Its fortunes do not mirror that of its brother but there are similarities in the charts. It has been on a decidedly downward trend from June of 2019 to the end of that year until rallied like other coins to an all-year high in February. It experienced a similar drop in mid-March because of the pandemic scare but it has rebounded quite fast after that. However, it started to plateau even faster than Bitcoin did.
The last month was an up and down affair if you make a Bitcoin Cash price analysis of the charts. It reached a narrow peak in early June but that optimism was quickly extinguished by a big sell-off that pushed the price back down. The price still inched upward for a few days before finally going on a bearish trend for the last few weeks. A lot of people were hoping that it would inch upward and break the $260 resistance line but it was not able to do so. In fact, it went past the $240 support level on the way down.
According to experts, the slide is likely to go on with a breach of the $225 support zone imminent. The only thing that can break the trend is if it manages to zoom past the $240 marks on the strength of the bulls. If it doesn’t clear this hurdle, then traders may be looking at hitting the $210 mark. What happens from there is anyone’s guess. The most current data shows that optimism is prevailing for now. Whether this holds is another matter. There might be a pull-back but it can stay the course with enough positive momentum.
