Bitcoin Cash (BCH) has recently experienced an astonishing rally, surging by 70% in just seven days. This significant price increase has sparked speculation about the potential of Bitcoin Cash surpassing Bitcoin. Currently trading near the $300 level, BCH has already completed an impressive 78.2% Fibonacci retracement, adding further interest to its upward trajectory. In this Bitcoin Cash price prediction, we will explore the technical outlook and indicators behind this remarkable rally.
At the time of writing, the price of Bitcoin Cash stands at $296, with a 24-hour trading volume of $2.4 billion. Although BCH has experienced a 4% decline in the last 24 hours, it has seen a remarkable surge of 70% over the past week. With a live market cap of $5.7 billion, Bitcoin Cash holds the 14th position on CoinMarketCap. Its circulating supply is currently 19,436,669 BCH coins, with a maximum supply capped at 21,000,000 BCH coins.
Bitcoin Cash has achieved a significant breakthrough by surpassing the key 61.8% Fibonacci retracement level at $270. This breakthrough indicates a bullish trend in its price trajectory. On the daily chart, the presence of a robust bullish candlestick pattern confirms strong buying interest among investors, propelling BCH’s price toward the $330 level. However, a close below this level could potentially trigger a bearish correction for Bitcoin Cash. It’s important to note that minor corrections might occur, leading to a retracement toward the $244 level.
The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators on the daily chart are currently in the overbought zone. This indicates that the bullish momentum may be nearing exhaustion, presenting an opportunity for sellers to profit from a potential correction below the $330 level. Attractive selling points can be found at target support levels of $244 and $205. On the other hand, a decisive break above the $330 level could fuel further upward movement for Bitcoin Cash, paving the way for new highs at $398 and presenting opportunities for bullish trades.
Promising Alternative Coins: WSM and Thug Life Token
Apart from Bitcoin Cash, there are two other promising alternative coins that are worth considering for investment: WSM and Thug Life Token.
WSM, or Wall Street Memes, is a meme coin that has gained significant attention from informed investors. The project recently achieved a remarkable feat by effectively selling its meme coin, $WSM, during its presale phase. Within just a few weeks since its launch, the presale has generated an outstanding fundraising amount of over $11.7 million, showcasing a remarkable rate of fundraising. Investors participating in the presale have the opportunity to buy $WSM at a rate of $0.0307, with the price gradually rising to $0.031 as the presale progresses. This allows investors to potentially secure guaranteed profits on paper if they participate at this particular stage. Don’t miss out on the opportunity to get involved in the presale of $WSM and potentially capitalize on its promising advancement.
Thug Life Token is another meme coin project that is making a splash on social media and in web3 circles. Within just a few hours of launching its token presale, the project has already amassed an impressive $200,000 through $THUG sales. The growing popularity of $THUG is expected to attract more meme coin enthusiasts looking to join the project and contribute financially. Operating on the Ethereum blockchain, THUG has a maximum supply of 4.2 billion tokens, with 70% of this allocation reserved for the presale phase. This significant community allocation emphasizes the importance of building a strong community foundation for a meme token like THUG. Investors interested in participating in the sale should act swiftly, as the presale will conclude once it reaches the hard cap of $2,058,000. Don’t miss out on the excitement surrounding Thug Life Token ($THUG). Act now and seize the chance to be a part of this promising meme coin project!