Bitcoin Cash (BCH) Surges 21% In One Week, Will This Rally Continue?

The global cryptocurrency market capitalization is down by 1.20% in 24 hours. As such, a lot of cryptocurrencies are down in the last 24 hours while others still hold their past week’s gains.

However, some crypto prices have been up over the past 24 hours. Bitcoin and Ethereum have gained some percentage to their past-day prices. Bitcoin Cash (BCH) is among the assets whose prices are green today. The coin gained 4.30% over the past 24 hours with an over 21% 7-day price increase.

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With this 7-day price gain, BCH is outperforming the global cryptocurrency market, which has only increased by 9.50% over the past seven days. But investors are speculating about the token’s possible price actions in the coming days.

Bitcoin Cash Recent Trends And Factors Pushing Price

Bitcoin Cash has seen notable price gains this year. The coin closed at $96.96 on January 1 but rose to $101.48 on January 4. It continued rising till it hit $138.27 on February 5 before correcting to $234.46 on the same day.

BCH experienced some pullbacks between February 5 and 14 before rallying to $134.09 on February 17 and continued. The coin also rallied nearly 6% on February 20 and currently stands at $148.01. Also, BCH has recorded a 12.83% increase in trading volume, with a 2.09% rise in market cap over the past 24 hours.

An increase in trading volume often suggests more BCH usage. It could also indicate a growth in on-chain activity and might be among the factors fuelling the Bitcoin Cash price rally.

The recent improvement in investor sentiment in the crypto market might be among the factors fuelling BCH’s price rally. The fear and greed index is 60, suggesting investors buy more assets. It strongly indicates that investors’ sentiments for several digital assets are high. This is also why BCH’s price witnessed its recent price performance.

According to CoinGecko, the community is bullish about Bitcoin Cash today, with over 90% of users feeling good about the coin.

Bitcoin Cash Price Prediction, Will BCH Hit $200 Soon?

BCH has continued its positive price form today, forming higher highs on the price chart. The token has been in an uptrend since February 13, 2023, despite slight fluctuations on some days.

The price increase led to a golden cross on the chart. BCH is trading above its 50-day and 200-day Simple Moving Average (SMA), a bullish sentiment for the cryptocurrency. These indicators imply a short and long-term price increase for the asset.

The support levels are $124.48, $129.55, and $136.91, and the resistance levels are $149.33, $154.40, and $161.76. The Relative Strength Index (RSI) is at 67.91, in the buy zone and close to the overbought region of 70, also another bullish sentiment for BCH.

BCH’s MACD (Moving Average Convergence/Divergence) is above its signal line, another bullish sentiment. With the bulls charging currently, expect the BCH to rise above its resistance levels in the coming weeks. The $161.76 level will prove critical to its rise to $200. However, the $200 level remains a long-term target.

Featured image from Pixabay and chart from TradingView.com

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