Bitcoin Cash (BCH) Price Up, Leads Daily Gains
Bitcoin Cash (BCH) price has risen by more than 10% in the past 24 hours, surpassing the $10 billion market cap, signaling renewed bullish momentum. The recent surge has brought BCH closer to a key resistance level, suggesting that further gains are possible if the uptrend strengthens.
However, indicators like this relative strength index The ADX shows that while the trend is improving, it is not yet fully strong. Whether BCH can sustain its upward momentum or face a pullback will depend on how it handles key resistance and support levels in the coming days.
BCH’s current upward trend is getting stronger
Biosafety Clearing-house ADX is currently at 19.31, up from 12 a day ago. This increase indicates that the trend strength is gradually increasing after weakness.
However, since ADX remains below 25, this indicates that the uptrend has not yet reached strong or sustained trend strength levels.
ADX measures the strength of a trend, with values above 25 indicating a strong trend and values below 20 indicating a weak or uncertain trend. although Bitcoin Cash Currently in an uptrend, ADX at 19.31 indicates that the trend is still in the early stages of strengthening.
If ADX continues to rise above 25, a stronger uptrend could be confirmed, but for now, Bitcoin Cash Price The trend remains cautious and there is still room for further development.
Bitcoin Cash Is No Longer in Overbought Zone
Bitcoin Cash The RSI is at 64.5, down from over 70 a day ago. This decline suggests that while the asset remains bullish, the intensity of buying pressure has begun to diminish.
BCH fell below 70 and left the overbought zone, indicating a more balanced market sentiment.
RSI measures the speed and magnitude of price changes, with values above 70 indicating overbought conditions and values below 30 indicating oversold levels. BCH remains in bullish territory with price at 64.5, which supports the ongoing upward trend.
However, a small decline in the RSI could mean that the pace of gains is slowing, which could lead to BCH Price Consolidation precedes any further upward movement.
BCH price prediction: Will a new surge happen soon?
If BCH maintains its current uptrend and gains additional momentum, it could continue to rise after rising over 10% in the past 24 hours.
This force can push BCH Price Testing resistance at $536.9. A break above this level would signal a continuation of the bullish momentum and could attract further buying interest.
On the other hand, if the uptrend fades and reverses, Biosafety Clearing-house The price is likely to pull back to test the nearest support levels at $424 and $403. If these support levels fail to hold, the price could fall further to $364, which would indicate a possible 27% retracement.
Disclaimer
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