Since its creation in 2017, the coin has continued to increase in value tremendously. Currently, the coin is trading at $1,131.74 after a substantial downside correction. The coin’s price managed to recover above the $1,100 resistance level and closed above the 100 hourly simple moving average. However, will this trend continue?
The coin’s price successfully moved above the 50% Fib retracement of the last bearish level at $1,045 low. Additionally, there was a break above a connecting bearish trend line with resistance at $1,080 on the hourly chart of the BCH/USD pair. Currently, the coin’s price is moving nicely in a bullish momentum above the $1,100 level, but will this trend continue?
The one year forecast places the coin’s price at $6700 by end of this calendar year. Similarly, the five-year forecast places it at around $30,000. Currently, the coin is playing second fiddle to bitcoin (BTC). As such, it may merit a look in terms of investment.
Bitcoin cash (BCH) transactions are faster as compared to bitcoin transactions. Additionally, the transaction fees are cheaper, and this is why the coin might continue to increase in price and value. However, much of its success depends on the platform’s ability to garner interest among cryptocurrency enthusiasts. If adoption increases, the coin’s price may continue to increase.
Recently, Houbi, the largest cryptocurrency exchange platform launched an ETF based on its market index. Additionally, Binance plans to launch a $1 billion fund that will be used to directly fund crypto startups. The world is moving towards greater adoption of digital coins, which is expected to fuel the next big rally. As such. Traders should consider taking advantage of the current market situation to establish positions.
Do you believe bitcoin cash will achieve the prices as predicted?
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