The cryptocurrency market has displayed a strong bullish price action over the past weekend, indicating an increase in the buying-and-selling pressure within the crypto space. Further, the market leader, Bitcoin price has reclaimed the $69K mark, suggesting a bullish outlook this week.
Following this, Bitcoin Cash (BCH) price has displayed a similar price action by adding approximately 18% to its portfolio over the past 2 days. With the rising volatility, will BCH price hold momentum and reclaim $500 or retest its lows?
BCH Price On The Verge Of A Major Breakout:
Amid increased price volatility in the crypto market, the Bitcoin Cash price has added 13.08% to its portfolio with a trading volume of 426.322 Million and a 24-hour High/Low of $444.51 and $391.93. Furthermore, it has surged 13% within the past seven days and 16.89% over the past 30 days.
Positively, the BCH coin price has successfully retested its support trendline of the ascending channel pattern in the 1D time frame and displayed a sharp rise toward its upper level. Moreover, this Bitcoin-based altcoin is on the verge of testing its resistance trendline, the outcome of which is uncertain.
With a trading value of $444.5 and a Year-to-Date (YTD) return of 71.48%, the Bitcoin Cash price has successfully claimed the place of the 14th largest cryptocurrency with a market capitalization of $8.779 Billion.
Bitcoin Cash Market Sentiments:
The Simple Moving Average (SMA) displays a bullish curve in the price chart, suggesting an increase in the bullish sentiment within the crypto space.
Further, the technical indicator, MACD, records a constant rise in the green histogram with its averages showing a constant uptrend. This highlights a positive outlook for the altcoin this week.
Will BCH Rise Again?
A break out from the channel pattern could result in the Bitcoin Cash crypto heading toward its resistance level of $507 during the upcoming weeks. Maintaining the price at that level could set the stage for the BCH token to attempt to test its upper high of $680.5.
However, in case of a bearish reversal, the altcoin could plunge below its support level of $402 and retest its support trendline of the ascending channel pattern.
