The cryptocurrency market is back in the red amid lack of significant triggers. Bitcoin Cash [BCH] has failed to battle intense selling pressure and is unlikely to recover soon. However, the coin has gained 1.1 percent in the last week and has fared relatively better in the bear run compared to its peers.
The digital asset initially found support at $527.8 and experienced a sharp increase in its price to as high as $567. However, BCH failed to maintain this momentum and quickly gave in to bearish trends seen in the market. The crypto is now attempting to break out from the current resistance level, which can be traced at $549.9.
At the time of writing, the 100 EMA line showed that the coin was in a downtrend after spending most of the day in an uptrend. The MACD indicates that the virtual currency is slowly inching towards the bearish zone. BCH is currently exhibiting a significant trading range of $510.4-$575.5. As of 2145 GMT, the coin had slipped 1.6 percent against the U.S. dollar to trade at $522.9.
The digital currency has inched 0.3 percent lower against BTC at the time of writing. Currently, one BCH is equivalent to 0.0819 BTC.
Bitcoin Cash [BCH] Price Prediction 2018, 2020
- According to a Tradingbeasts forecast, the coin could reach $1,930-$2,838 by the end of this year. Profitconfidential, on the other hand, expects the crypto to scale to around $7000 by the end of 2018.
- According to Smartereum, the one-year forecast for the virtual currency is around $6,700, while the five-year forecast is around $24,600.
- Longforecast has predicted that the digital asset will close the year at $412 and hit $1,150 by the end of 2020.
Bitcoin Cash [BCH] Latest Updates
- Bitcoin Cash [BCH] is gearing up to undergo a stress test on September 1 and will involve the participation of many from the coin’s community. The day will witness the testing of the tools designed for conducting a large number of micro-transactions.
- The commercial use of Bitcoin Cash [BCH] has taken a major dip, as payments dropped from $10.5 million in March to $3.7 million in May, data from blockchain analytics firm Chainalysis showed. The conclusion of the report was done after 17 of the leading crypto payments platforms like BitPay, Coinify and GoCoin noted the difference.
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