BCH Price Near $400 Extends Buying Opportunity

The post BCH Price Near $400 Extends Buying Opportunity appeared first on Coinpedia Fintech News

With the broader market recovery taking early steps, the BCH price is near a crucial support level, which provides a buy-the-dip opportunity. The lack of bullish momentum delays the comeback rally in Bitcoin Cash, as Bitcoin stays volatile, close to $60,000.

As the meme coin rally gains momentum, the sideline traders anticipate the altcoins will witness increased demand. Will the Bitcoin Cash price reach $1,000 in 2024? Find out more about our BCH price prediction, which provides a long-term view. 

Bitcoin Cash Price Performance 

Being a close cousin to Bitcoin, the BCH price trend depends on the BTC price movement. Currently, the BTC price fluctuates near $60,000, with a longer range; however, Bitcoin Cash stays consistent above $400.

Tradingview

In the weekly chart, the 7.71% drop last week makes a bearish candle to undermine the lower price rejection candle a week before. Currently, the BCH price trades at $432 with an intraday move of 0.77%, reflecting a halt in bearish pressure after 2% drop last night. 

Further, the downfall comes as the retest of the rounding bottom breakout with a neckline at 23.60% Fibonacci level. Hence, some of the market participants expect a post-retest reversal rally for a new peak. 

Technical indicators:

EMAs: The high anticipations of a golden crossover in the 50 and 200 weekly EMAs bolster the uptrend chances. 

RSI: During the recent correction, the weekly RSI line exits the overbought zone but sustains above the halfway line.

Will The BCH Price Cross $500? 

As per the Fibonacci levels, the BCH token price is close to the support confluence at the $400 level and the 23.60% level. This increases the likelihood of a bullish comeback for Bitcoin Cash. 

On the flip side, a downfall under $400 could retest $250.