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Bitcoin Cash (BCH): Bear Market and Bull Market vie for dominance
While other parts of the market are recovering, Bitcoin Cash (BCH) continues to struggle with bearish pressure. Data from CoinMarketCap shows that the value of the BCH cryptocurrency has decreased by 5% on the weekly chart and 3.7% on the biweekly timeframe. However, it has gained 8% on the monthly chart and 40.8% on the yearly chart.
In terms of price movement, BCH consolidates between $300 and $370 on a monthly level. Looking ahead, the sentiment surrounding Token is mostly bearish. BCH has two resistance levels at the 50-SMA ($333.45) and 200-SMA ($372.50). Additionally, most of its technical indicators are bearish.
However, analysts believe that the market could experience a Rebound at any time. All demand for Bitcoin Cash (BCH) is adding buying pressure. WynTrades predicts that the price of Bitcoin Cash may pump to $425 in the coming weeks.