Following a massive crash during Bitcoin’s downfall, the BCH price trend faces a small hiccup in its recovery phase. With an evening star kickstarting a bearish takeover, the altcoin finally regains momentum at $400 for a comeback.
After the much anticipated Bitcoin Halving fails to boost the market in April, a turnaround is possible in May. As the recovery rally picks up momentum, the Bitcoin Cash price could surpass the realm of triple digits. Will the Bitcoin Cash price reach $1,000 in 2024? Find out more about our BCH price prediction, which provides a long-term view.
Bitcoin Cash Price Performance
With a market cap of $9.34 Billion, Bitcoin Cash at #15 is skipping ranks in the list of top 100 altcoins. The BCH token price marks a downfall of 36% drop in April to break under the $500 psychological mark.
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However, despite the sharp drop last month, the 1W chart provides a slightly bullish perspective. The long-tail rejection in the recent weekly candle reflects strong underlying demand at the $400 level.
The long-tail Doji candle increases the likelihood of a morning star pattern to revive the uptrend. Further, a broader market recovery could propel the BCH price beyond the $500 mark.
Will The BCH Price Turn Green in May?
Currently, the Bitcoin Cash price trades at $474 and has recovered 9.29% in just six days of May. A bull run beyond $500 is possible because the uptrend sustains momentum.
As per the Fibonacci levels, the BCH token price could reach the 50% level at $762.On the flip side, another spike in supply could retest $400.
Technical indicators:
EMAs: The high anticipations of a golden crossover in the 50 and 200 weekly EMAs bolster the uptrend chances.
