Bitcoin
BTC$47 909.19

1.25%

Ethereum
ETH$3 403.28

-0.03%

Cardano
ADA$2.35

0.60%

Binance Coin
BNB$407.56

0.47%

Tether
USDT$0.999719

-0.01%

Solana
SOL$169.00

15.95%

Bitcoin Cash Shows Strong Signs of Revival


#Bitcoin Cash

Bitcoin Cash had shown almost miraculous gains throughout a short-lived bull rally of the beginning of 2020 - the profits were made continuously, and there seemed to be the general assurance that this fairy tale would continue up till the Bitcoin halving in May.

But things turned out differently for the cryptocurrency market and its top coins like Bitcoin Cash. Nevertheless, BCH came out of this situation with dignity, having retained over 30% of last year’s gains even after the gruesome crash in mid-March.

And now, the fork of Bitcoin is actually making slightly better strides towards full recovery than its forefather, though both coins do appear to have been moving in unison over the course of the previous month.

BCH/BTC comparison chart from the last 30 days

To be more precise, BCH has outperformed the dominating cryptocurrency by 6% - a seemingly slight edge that, nevertheless, allowed the 5th cryptocurrency to make a critical breakout and establish a higher consolidation range.

Gathering strength before the next move


Oddly, the price boost of Bitcoin Cash has happened on the back of the emerging news concerning miners leaving the BCH pools for the ones that are focused on the BTC obtainment, even though the mining difficulty of the latter had dropped by 16% due to the price collapse, which subsequently led to a substantial decrease of profitability of that enterprise.

However, it appears that such an exodus has had a converse effect on the price behavior of Bitcoin Cash, which went through two phases of partial recovery, now having only 13% to regain in order to get back to the pre-crash level.

1-day BCH/USDT chart

What’s interesting about BCH is that this coin seems to be forming a totally new trend structure after having broken the previous one of a downtrend with a rapid price drop and subsequent recovery. Moreover, Bitcoin Cash is one of the few cryptocurrencies that has already resolved the bearish flag formation and made it to the upside, thus showcasing bullish intentions.

Certainly, these maneuvers shouldn’t be perceived as a distinctive bullish signal, but it is a definite sign of the underlying strength of this particular market.

Right now, BCH is trading in the range between $199 and $231, which could linger for a relatively prolonged period of time, judging from the fact that Bollinger Bands have just begun drawing closer to each other, which means that traders should expect the price to first enter a squeeze before proceeding to the next phase of volatility.

The average true range indicator is also on the decline - therefore, traders shouldn’t expect any big price swings from Bitcoin Cash in the next few days to a week. The 14-period RSI is gliding along the 50 zone, though it has slightly deviated from the established uptrend, which is characteristic of the consolidation phase.

To summarize, Bitcoin Cash is arguably one of the healthiest cryptocurrencies among the top cohort, so it shouldn’t come as a surprise when it would become the first coin to fully reverse to a bull market once the ongoing crisis runs its course. Even if the bears apply significant pressure, BCH has a firm support level at $184.95, which should help it retain the foothold above $200.

Author: Alex Paulson for Crypto-Rating.com

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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 87.6% 18 $47 909.19 1.25% 6.49% $901 641 061 708 $28 050 036 805
2 Ethereum (ETH) ETH Ethereum predictions 74% 50 $3 403.28 -0.03% 4.43% $400 159 822 847 $15 622 649 240
3 Cardano (ADA) ADA Cardano predictions 70% 67 $2.35 0.60% -7.85% $75 357 799 161 $2 088 968 420
4 Binance Coin (BNB) BNB Binance Coin predictions 63.6% 70 $407.56 0.47% 1.25% $68 526 382 470 $1 286 561 409
5 Tether (USDT) USDT Tether predictions 91.2% 1 $0.999719 -0.01% -0.08% $68 273 294 138 $59 325 016 988
6 Solana (SOL) SOL Solana predictions 56% 90 $169.00 15.95% -4.00% $50 188 146 941 $5 525 090 300
7 XRP (XRP) XRP XRP predictions 69.2% 60 $1.069665 -0.34% 0.13% $49 870 165 652 $2 257 392 576
8 Polkadot (DOT) DOT Polkadot predictions 63.2% 81 $33.88 2.15% 6.78% $33 459 890 032 $1 816 386 745
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10 USD Coin (USDC) USDC USD Coin predictions 93.6% 1 $0.999641 -0.02% -0.06% $29 376 366 391 $2 105 784 383
11 UniSwap (UNI) UNI UniSwap predictions 68.4% 63 $24.35 0.43% 8.39% $14 893 602 037 $286 321 085
12 Avalanche (AVAX) AVAX Avalanche predictions 68.4% 69 $67.04 -5.17% 18.67% $14 768 791 649 $1 846 054 630
13 Terra (LUNA) LUNA Terra predictions 66.4% 64 $34.44 -1.18% -11.44% $13 834 117 320 $717 648 404
14 Binance USD (BUSD) BUSD Binance USD predictions 92% 1 $0.999598 -0.01% -0.06% $12 808 404 518 $4 836 734 186
15 Chainlink (LINK) LINK Chainlink predictions 73.6% 52 $27.94 0.69% 4.33% $12 672 882 341 $1 023 457 767

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