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The Bitcoin Cash price is down 2.68% in the last 24 hours, and its market capitalization has seen a 2.69% drop. However, the current trading volume has increased as it currently stands at $225.22 million, which is a 2% increase from yesterday.
After signaling that it would reach the golden cross of the EMA a week ago, Bitcoin cash price failed to hold the support at $140 and is now heading towards its test support of $130.
While the token is still trading above its 200-day SMA, the general market conditions regarding this token remain bearish. Investors are considering cutting their losses as the $130 support fails; the BCH price could fall below the $120 mark.
Bitcoin Cash Price: What Are the Indicators Saying?
Current market indicators are placing Bitcoin Cash in the bearish zones, with more than half of the technical indicators saying the token is heading in bearish directions.
When it comes to the 200-day SMA and the 50-day SMA of the token, there is a strong buy signal. Our experts suggest that the 200-SMA may rise to $118 next month. The rise in the token’s 50-day SMA will be even steeper at $133 in March 2023.
Bitcoin cash oscillators tell a different story. The Stoch RSI (14), which is currently 100, is signaling investors to sell. The same goes for the Average Directional Index, which currently sits at 34.18.
But the traditional Relative Strength Index indicator rests at 51 as of this writing, which points to a neutral sentiment regarding this token.
Currently, the crucial support level is at $131. If Bitcoin Cash fails to hold above this level, it could move lower to settle at $124.
The current key price levels for Bitcoin Cash are $131.2, $124, $117.1, and $107. If the BCH price breaks above these levels, it is likely to trade within extremely volatile zones in the coming days.
Despite the current bearish signals, Bitcoin Cash has provided a 38.19% return year to date as it witnessed a rally thanks to the recent rally as Bitcoin gained more support.
Bitcoin Cash Price Prediction: Where BCH Will Go In 2023
While current market conditions remain bearish, there has been significant development in the BCH price since mid-January 2023. The bulls were able to reclaim a price above its 50-day EMA during that time, creating a positive sentiment around this asset.
However, the failure of Bitcoin to break above its $25k resistance has proven to be heavy for many altcoins, including Bitcoin Cash.
The token has painted many green candles since early 2023, but its reds have been longer. The recent reversal came after Bitcoin Cash hit a high of $154. The RSI during that time was 64, which shows the potential for a new bullish move. However, that was soon ruled out with the arrival of three consecutive bearish candles.
The recent price drop is mainly due to Bitcoin moving lower towards the $23k mark. At the time of writing, Bitcoin is trading at $23.07k, which is not a good look for the entire cryptocurrency space. That indicates that the interest that arose in mid-January has begun to dissipate.
That being said, the 50 day EMA and the 200 day EMA are still getting closer. If the current 50 day EMA rises by $7, the golden cross will occur. That may indicate a major bullish move on the Bitcoin Cash price charts.
Twitter and search trends remain volatile for Bitcoin Cash
Recent Bitcoin Cash price movements have caused some turmoil on Twitter. Coindesk reports that 569 tweets positively mentioned Bitcoin Cash in the last seven days.
But more than 1,500 tweets about this Bitcoin fork token have been neutral. 93 tweets, however, have put Bitcoin Cash in a bad light.
The official Bitcoin Cash Twitter channel has not posted anything new since 2020. So it is safe to say that the social indicators are working against it. And since the tweets give us an insight into cryptocurrency developments, there isn’t much to say about the potential of Bitcoin Cash right now.
What is Bitcoin Cash?
Bitcoin Cash is a hard fork of Bitcoin. It was designed to address speed-related issues that plague the Bitcoin ecosystem to this day. As such, much of what Bitcoin Cash can do is similar to the original cryptocurrency.
With BCH, it is easy for people to pay for goods and services directly without third party intervention. Cross-border payments are also easier with Bitcoin Cash.
Security-conscious users prefer Bitcoin Cash to other forms of payment because it does not reveal anything other than the wallet address.
Bitcoin Cash is favored in many casinos
Bitcoin Cash was envisioned as a fork of the original Bitcoin as a way to address its limitations. With a reliable system in place that does not involve third party or government intervention, Bitcoin Cash has become a great cryptocurrency for everyday use.
However, the number of people interested in this crypto asset has been reduced. For example, the number of transactions in 2022 decreased from 154k to accumulate around the 22k range.
That being said, albeit low, the token has managed to maintain a significant level of traction in the market. Part of the reason behind that buildup has been the rise of cryptocurrency casinos.
Modeled after standard casinos, crypto casinos are gaming platforms that offer the same games but with cryptocurrencies as rewards, deposits, and withdrawals. Many of these casinos are taking advantage of Bitcoin Cash’s fast transaction speeds to offer faster payouts to their users.
Those who are interested can choose the Bitcoin casinos through our guide. But a word of warning: be sure to test casinos in “fun modes” first to assess their security, payout times, game quality, RTP, and other important features.
Bitcoin Cash Alternatives
Current market trends do not paint Bitcoin Cash very well. While the potential of the golden cross is alive and well, all it would take for it to go away is back-to-back red candles.
Add to that, in addition to the standard fundamentals; there is not much news about Bitcoin Cash. Even the platform’s official Twitter channel hasn’t posted anything since 2020.
Circumstances like these make it a better option to invest in cryptocurrencies that are not yet just on the trading lists. These assets are currently offered as pre-sale, IDO or ICO and present a great advantage in the days to come.
You can check them in our new list of cryptocurrencies.
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