The BCH price has reclaimed the $500 mark with a jump of over 10% within the past 24 hours. Further, the market continues to trade under a strong bullish influence, indicating a positive uptrend for this Bitcoin Cash price during the upcoming weeks.
After displaying a neutral trend for a short period, the BCH price jumped 64.02% within the next two days, after which the price faced rejection at the resistance level of $508. Following this, the altcoins traded in a closed range for a while, during which the market hinted at a bearish sentiment.
As the volatility in the market grew, the bulls broke down the support level, where the price traded in a closed range between $402 and $450 for twelve days, following which the bulls lost momentum and displayed a negative price action.
However, the bulls held the price above the support level of $357, resulting in the bulls regaining momentum. Since then, the price has been trading positively and has recorded a jump of 58.54% in valuation.
The technical indicator, MACD, displays a constant green histogram, highlighting a bullish influence in the crypto industry. Further, the averages show a rising pattern, suggesting the price will continue gaining value this week.
Also Read: Is BTC Price Due for a Correction? Will Bitcoin Halving Fail to Maintain the Bullish Momentum?
Will BCH Price Go Up?
If the market pushes the Bitcoin Cash price above the resistance level of $566, the bulls will continue to gain momentum and test its upper level of $600 this week. Furthermore, if the price continues to trade under a bullish influence, it will attempt to test its upper resistance level of $650 in the coming time.
Negatively, if the bears overpowered the bulls, the BCH price would lose momentum and fall to test its support level of $508. Moreover, if the bulls fail to regain momentum, the price will further plunge and prepare to test its lower support level of $450 during the upcoming month.
