With the broader market recovery taking early steps, the BCH price is near a crucial support level, which provides a buy-the-dip opportunity. The lack of bullish momentum delays the comeback rally in Bitcoin Cash, as Bitcoin stays volatile, close to $60,000.
As the meme coin rally gains momentum, the sideline traders anticipate the altcoins will witness increased demand. 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
Being a close cousin to Bitcoin, the BCH price trend depends on the BTC price movement. Currently, the BTC price fluctuates near $60,000, with a longer range; however, Bitcoin Cash stays consistent above $400.
Tradingview
In the weekly chart, the 7.71% drop last week makes a bearish candle to undermine the lower price rejection candle a week before. Currently, the BCH price trades at $432 with an intraday move of 0.77%, reflecting a halt in bearish pressure after 2% drop last night.
Further, the downfall comes as the retest of the rounding bottom breakout with a neckline at 23.60% Fibonacci level. Hence, some of the market participants expect a post-retest reversal rally for a new peak.
Technical indicators:
EMAs: The high anticipations of a golden crossover in the 50 and 200 weekly EMAs bolster the uptrend chances.
RSI: During the recent correction, the weekly RSI line exits the overbought zone but sustains above the halfway line.
Will The BCH Price Cross $500?
As per the Fibonacci levels, the BCH token price is close to the support confluence at the $400 level and the 23.60% level. This increases the likelihood of a bullish comeback for Bitcoin Cash.
On the flip side, a downfall under $400 could retest $250.
