Bitcoin Cash Price Jumps 7% as BCH Nears Halving, as Analysts See Potential 10x Profits with This Eco-Friendly Token

bitcoin Cash price rose 7% in the last 24 hours to trade at bitcoin-cash/”>$586 As of 5:30 a.m. EST trading volume fell 37% to $1.1 billion.

This latest surge is just a continuation of the coin's week-long price surge that saw it rise 43% in the last seven days. The price increase is believed to be due to several factors. Firstly, there is the fact that the cryptocurrency market has seen a recovery in recent days, led by bitcoin itself.

bitcoin Cash's growth started even earlier and has been more steady and consistent, but the fact is that btc recreated the bull market that allowed BCH to continue its rise.

Another, possibly even bigger reason is that BCH is about to halve. While the crypto sector is awaiting the bitcoin halving, scheduled for a few weeks, the BCH halving is just a few days awaywhich is expected to happen on April 3.

Once this happens, BCH block rewards will drop from 6.25 per block to 3.125 per block. That said, experts believe that the new price increase comes in anticipation of the event.

bitcoin Cash Price Forecast

The price of bitcoin Cash has seen a significant increase over the last week, and especially in the last few days. The surges came in several waves that allowed the token to break major resistances one after another.

At the time of writing, the project is in the midst of another such growth wave and if the pattern holds, it could allow traders to predict how the price will behave in the coming days. However, since patterns tend to form and break all the time, many traders prefer to turn to technical indicators.

One such indicator, the BCH Bollinger Bands, is showing signs of extreme optimism right now, as the bands have begun another massive widening, the likes of which only occurs during massive price increases.

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Another indicator worth keeping an eye on is the currency's Relative Strength Index (RSI) value, which recently skyrocketed from a neutral position at 49.37 after 70, and beyond, reaching 77.57 at the time of write this article.

Normally, this would be considered an overbought zone, and traders would typically start selling at this point to take profits, causing the price to fall.

But, given that this rise comes due to the upcoming halving in a market that is once again trading in the green, the rise is likely to continue for a little while longer.

At this point, the BCH price is rising rapidly and has already reached a 2-year high. In fact, the last time it recorded these levels was in November 2021. While it has several resistances in its path, arguably the biggest ones are at $650, $700, and $750.

It remains to be seen if the coin can reach that level or if its price will stop at lower resistance as this largely depends on the behavior of traders in the coming hours.

Promising alternative to bitcoin Cash

One of the most promising alternatives to BCH right now is actually an eco-friendly token called eTukTuk (TUK). Unlike bitcoin and bitcoin Cash, which were often criticized for their carbon footprint, eTukTuk has ushered in the green ai revolution.

The goal of the project is to promote eTukTuks, an ai-powered sustainable transportation solution that, according to the project, can revolutionize transportation in developing countries. Not only that, but in time, it could also do the same to the rest of the world. After all, eTukTuk is not only a greener alternative, but also more convenient for easier transportation.

The project even has a P2E game where users will be able to drive one of their eTukTuks through the streets of Sri Lanka and behave as a taxi service for customers who are in a hurry to get from point A to point B as quickly as possible.

<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”13.483146067416″>

1/ As our world advances, personal vehicles increase, creating environmental challenges. But there is hope!

Today we explore cities that champion green public transportation.

Seat belt! pic.twitter.com/joRizVjYRh

— eTukTuk (@eTukTukio) twitter.com/eTukTukio/status/1755237987590586606?ref_src=twsrc%5Etfw”>February 7, 2024

Right now, eTukTuk is nearing the end of its pre-sale and has so far raised over $2.59 million. Its token sells for $0.029 and can be purchased in exchange for BNB, eth, or USDT. Alternatively, you can also purchase it with a debit or credit card.

Visit the TUK pre-sale here.

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