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The Bitcoin Cash (BCH) token continues to experience price increases as trading remains active. Today, the coin has recorded an additional gain of 5.38%, bringing it to the second spot on the daily crypto movers list. Price chart analysis suggests that the market may continue its upward trajectory.
BCH Statistics
Current Price: $479.10
Market Capitalization: $9.51B
Circulating Supply: 19.88M
Total Supply: 19.88M
CoinMarketCap Rank: 12
Key Price Levels
Resistance: $500, $750, $1,000
Support: $400, $300, $200
BCH Refocuses on the $500 Resistance Level
The recent gains on the Bitcoin Cash daily chart have brought market attention back to a previously tested resistance level. The price has rebounded near the $500 mark. The latest price candle shows a bullish posture, standing above the 9-day Exponential Moving Average (EMA).
Additionally, the Moving Average Convergence Divergence (MACD) lines indicate another bullish crossover above the indicator’s equilibrium level. Judging by the size of the price candle, market momentum appears to be moderate.
Upward Momentum Remains Strong in the BCH Market
Recent price candles over the past four sessions have shown a consistent bullish trend. The latest candle for the current session maintains a moderate profile, indicating that buying pressure remains steady.
This candle also stands above the 9-day EMA, further suggesting a continuation of upward momentum. The MACD lines are also rising, with the leading line quickly diverging after a bullish crossover below the equilibrium level. Consequently, the $500 resistance level appears increasingly likely to be breached.
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