Bitcoin Cash Price Prediction for Today, May 29 – BCH Technical Analysis

bitcoin Cash price prediction shows that BCH is recovering from the daily low of $462.75 while the price remains within the moving averages.

bitcoin Cash Price Plunges 13% as 130,000 BCH Wallets Close in 3 Days

On May 29, the price of bitcoin Cash (BCH) fell to a new weekly low of $462, marking a 13% drop in 8 days. Technical indicators reveal that BCH bullish traders are now trying hard to avoid a fresh drop below $440. Adding to the bearish outlook, on-chain data indicates that an unusually high number of investors have left the bitcoin Cash network in recent days.

bitcoin Cash Prediction Statistical Data:

• bitcoin Cash price now: $468.34
• bitcoin Cash market cap: $9.2 billion
• bitcoin Cash circulating supply: 19.7 billion
• Total bitcoin Cash supply: 19.7 billion
• bitcoin Cash Coinmarketcap Ranking – #16

BCH/USD Market

Key levels:

Resistance levels: $700, $755, $805

Support levels: $255, $205, $155

BCH/USD is recovering from the daily low of $462.75 as the coin oscillates within the 9-day and 21-day moving averages. At the time of writing, bitcoin-cash/”>bitcoin cash is trading at $468.34 with a loss of 0.38% since the start of the European session. However, with the latest rally, the digital asset is likely to surpass the moving averages within the channel.

bitcoin Cash Price Prediction: Can BCH Break Over $500?

bitcoin Cash price may rise and cross above the moving averages if the bulls return to the market. However, if the bulls push the coin higher, BCH/USD is likely to reach the potential resistance levels of $700, $755, and $805. Meanwhile, any strong selling pressure below the current market value of $468.34 may drag the price below the lower boundary of the channel.

However, in case bitcoin Cash drops lower, a bearish continuation could take the price to the $255, $205, and $155 supports. The technical indicator shows that the 9-day moving average is likely to cross below the 21-day moving average, suggesting a possible bearish move for the market.

BCH/btc could move bullishly

Against bitcoin, buyers are now showing some commitments to the market as bitcoin Cash moves up a bit. However, following the recent positive signal, the current market movement may create an uptrend if buyers can push the price above the 9-day and 21-day moving averages.

Furthermore, as the coin moves to cross above the moving averages, the market price may resume an uptrend that could touch the 9500 SAT resistance level and higher. Meanwhile, a bearish crossover below the lower boundary of the channel could bring the price down to the support level of 4550 SAT or below.

Meanwhile, @JaneBennet8474 shared information with her 37,000 followers on x (formerly twitter), suggesting that the daily chart of $BCH indicates a potential 35% increase in the spot price. He also advised caution for those trading futures, recommending a maximum leverage of 2x for safety. By setting a buy order of $447.25, he wished all the dream chasers in the market good luck!

<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”12.944606413994″>

He twitter.com/search?q=%24BCH&src=ctag&ref_src=twsrc%5Etfw”>$BCH The daily chart looks primed for a possible 35% rise in the spot price.

If you are considering trading this in futures, it is recommended to use a maximum leverage of 2x for safety.

Set your purchase order at $447.25 and good luck to all you dream chasers!twitter.com/hashtag/DYOR?src=hash&ref_src=twsrc%5Etfw”>#DIOR… pic.twitter.com/Vl9qAbyX8B

-Jane Bennet (@JaneBennet8474) twitter.com/JaneBennet8474/status/1795418316804108749?ref_src=twsrc%5Etfw”>May 28, 2024

Alternatives to bitcoin Cash

bitcoin Cash (BCH) is currently trading below its 9-day and 21-day moving averages. Further selling pressure could push the price down to $450, while bullish activity could take it as low as $500. Despite occupying the 16th position in the cryptocurrency market with a market capitalization of $9.2 billion, its growth potential is limited. This has diverted merchant interest towards Dogeverse ($DOGEVERSE), which has raised more than $15 million in its pre-sale. Now is the last chance to invest in Dogeverse before its launch.

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