Connect with us

Hi, what are you looking for?


Bitcoin Cash [BCH] could be ready for another pump. Here’s why…

Bitcoin Cash [BCH] could be ready for another pump. Here's why...

BCH hovered over a key support level with the possibility of another rally.

The rising mean coin age hinted at the network-wide accumulation of BCH.

The huge gains enjoyed by Bitcoin Cash [BCH] holders in June almost feel like a distant memory. Since the huge run from $104 to $329, BCH has gone on a corrective dip that has wiped away almost 50% of the June gains.

Despite the deep retracement, the bullish bias remained on the higher timeframes. With the price hovering over a crucial support level, another wild rally could be imminent for BCH.

Key support level could unlock massive gains

Bitcoin Cash BCH price chart on dark background

Source: BCH/USDT on Trading View

Looking back to BCH’s massive pump in June highlighted a key price trend. Price ranged between the $100 – $120 price zone before embarking on the huge rally.

BCH’s press time price action on the 12-hour timeframe mirrored the June move with the price hovering above the $186 support level. This presents buyers with another opportunity for a significant rally.

The Moving Average Convergence Divergence (MACD) indicator posted a bullish crossover along with green bars above the zero level to signal bullish intent. Likewise, the Relative Strength Index (RSI) jumped out of the oversold zone with the Chaikin Money Flow (CMF) also pushing strongly to the zero mark after hovering for long in negative territory.

A bullish push from this level will retain BCH’s bullish sentiment with $250 and $300 attainable price ranges. However, if bears break below this support level, it will signal a shift in momentum with sellers able to target the $130 to $150 price levels.

Bulls have been accumulating BCH

Source: Santiment

According to data from Santiment, the 90-day mean coin age has been rising constantly since mid-July. This hinted at a network-wide accumulation of BCH.

Although the mean coin age was rising swiftly, the funding rate remained largely negative throughout the period. A shift in the funding rate would be essential to bulls flocking into the market and pushing BCH on another price rally.

You May Also Like

Press Release

Cryptocurrency signals offer various advantages and can help improve the outcome of any trading you perform. But before anything else, you need to know...

Price Analysis

Litecoin price hit a barrier marginally under $80 following a 23% spike in just two days. The sixth-largest cryptocurrency retreated to establish and confirm...

Price Analysis

Ripple appears to have resumed the uptrend from the support recently formed at $0.23. The fourth-largest cryptocurrency was recently rejected from levels slightly above...


California-based fast-food chain Taco Bell is entering the booming non-fungible token (NFT) marketplace. The fast-food giant released a collection of original taco-themed art pieces...

Copyright © 2020 Blockchain News Portal. All Rights Reserved. Website and the information contained herein is not intended to be a source of advice or credit analysis with respect to the material presented, and the information and/or documents contained in this website do not constitute investment advice.