Bitcoin Cash looks to be on the rebound
Bitcoin Cash (BCH) still continues to show a strong performance in the markets. Despite a few ups and downs that have seen the cryptocurrency hit as high as $1,119 and as low as $938 over the course of the past few days. On Tuesday, BCH rose by 14%, which can be attributed to an overall increase in trading of 38%. The jump in volume should help bolster BCH as the week continues to progress.
Most investors and analysts are looking for the target of $1,200 as the “psychological hurdle” the coin needs to jump to see exponential gains. BCH is currently under a bull flag, which means a continual upward climb could signal a future rally. However, as market continues to show signs of volatility, it’s not yet possible to determine if there will be a long-term upswing. BCH still appears to be caught in a falling channel on price charts.
If BCH does, in fact, reach $1,200 as predicted, it would be a strong indicator that the sell-off seen from the coin’s record highs has come to a close, and that the bulls are back. The fourth largest coin by market cap had reached as high as $4,000 in 2017 before trading across the board took a significant hit. It’s possible that BCH will reach the $1,200 point within the next couple of days.
Part of BCH’s recent bump comes way of Asia, where the digital currency has been trading at around 11% higher than Monday. Compared to last week’s figures, however, BCH is still down around 14%. Another factor that is helping BCH is the recent announcement that U.S.-based exchange Gemini could soon list the cryptocurrency on its platform. Additionally, BCH has seen heavy trading on the Hong Kong’s OKEx exchange, which holds just under 30% of the coin’s volume. About $500 million worth of BCH has been traded over the course of the past 24 hours on OKEx.
In light of the fluctuations, BCH has shown resiliency over the past 24 hours, and, barring any major catastrophes, should start to climb back toward the $1,200 mark. Out of the top five coins, as of this writing, only BCH is showing positive gains. There’s a lot of work ahead, but it would appear that BCH is on the right path.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.
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