Bitcoin Cash (BCH) has seen a price jump of over 10% in the last 24 hours. This surge has pushed its market cap above $10 billion. It's a sign of renewed bullish momentum.
As BCH rises, it's getting closer to key resistance levels. If this upward trend continues, we might see even more gains ahead.
Right now, BCH has an Average Directional Index (ADX) of 19.31. Just yesterday, it was at 12. This increase shows that the trend is gaining strength after a weak phase. However, since the ADX is still below 25, it indicates that the uptrend isn't fully established yet.
The ADX helps measure how strong a trend is. Values over 25 mean a strong trend, while those below 20 signal a weak one. So, while BCH is on the rise, it’s still in the early stages of gaining strength.
Looking at market conditions, BCH has a Relative Strength Index (RSI) of 64.5. This is down from over 70 just a day ago. This drop suggests that, while there's still bullish momentum, buying pressure is starting to ease.
The RSI measures how quickly prices are changing. An RSI above 70 indicates overbought conditions, while below 30 suggests oversold levels. With an RSI of 64.5, BCH remains in a bullish zone, which supports the ongoing upward trend. However, the slight decline could mean that the pace of gains is slowing down. This might lead to some price consolidation before any further upward movement.
So, what’s next for BCH? If it keeps this uptrend going and builds more momentum, it could continue to rise. After that 10% jump, BCH might test the resistance level at $536.9. If it breaks through this level, it could signal more bullish momentum and attract more buyers.
On the flip side, if the trend starts to fade, BCH might retrace to test support levels at $424 and $403. If those supports don’t hold, the price could drop further to around $364. That would mean a potential correction of about 27%.