What happened: The price of Bitcoin Cash has been in a tight range recently as demand for the digital currency has waned. Indeed, its market cap has dropped to more than $9.77 billion, making it the 13th biggest digital currency in the world. It has also been passed by some of the relatively new digital currencies like Theta, Uniswap, and Binance Coin. This price action is partly because of the overall performance of Bitcoin, whose price has struggled to move above $60,000, a few weeks after it reached an all-time high of close to $62,000.
Bitcoin Cash price prediction
Recently, we saw that the BCH price has been in a relatively tight range . Also, the price is at the same level as the 25-day and 15-day exponential moving averages.
The BCH price has also formed a head and shoulders pattern, which is usually a bearish sign. The neckline of this pattern is at arounf $450-$470. Therefore, in the near term, the price could keep falling as bears target this neckline, which is about 10% below the current price. However, a move above the right shoulder at $550 will invalidate this trend. What could be exciting to see is, How BCH is going to behave in the first week of April'21.
BCH has been in attraction since Tech Giant Elon Musk talked about it in one of his tweets, and we all are aware of the fact that How Elon has moved the entire crypto market with his just 1 tweet. If any chart expert is seeing the past 1 week of BCH trend then it can be very easy to say that BCH is going in the hands of Bears but if people gets more and more aware of the BCH and it's benefits then things will easily turn opposite and we might see BCH hitting $1000 mark in a year. Again, nothing can be predicted in this market but if anyone wants to see BCH growing then the only possible thing one can do is PROMOTE it as much as one can!!
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