Bitcoin Cash

bullish

Bitcoin

Daily

Coin

The <a href="https://www.thecoinrepublic.com/price-prediction/bitcoin-cash/">Bitcoin Cash</a> price has been on a gaining streak for the fourth consecutive session. The bulls’ domination and optimism in the broader markets triggered a breakout of an interesting pattern. Afterward, the price gained nearly 7.08% today.&nbsp; 
When writing, Bitcoin Cash was exchanging hands close to $445.6. It recorded an impressive intraday addition of nearly 7.08% and over 12% in the last couple of sessions.&nbsp; 
Despite a strong performance, some analysts assume the gains will compound by 25% more.&nbsp; 
Moreover, few on-chain metrics like social development and social volume supported the recent price rise. Let’s analyze the metrics in correlation with the BCH price.&nbsp; 
<h2 class="wp-block-heading" id="h-bitcoin-cash-social-metrics-curve-shows-this">Bitcoin Cash Social Metrics Curve Shows This</h2> 
Bitcoin Cash (BCH) is a peer-to-peer electronic cash system designed to be a reliable global currency. It offers fast transactions, minimal fees, enhanced privacy, and larger block sizes.&nbsp; 
As a decentralized and permissionless cryptocurrency, Bitcoin Cash operates without the need for trusted third parties. 
Per Santiment’s data, the analysts have noted a positive development in on-chain metrics, social dominance, and social volume.&nbsp; <iframe loading="lazy" title="Santiment Chart: Social Dominance (BCH), Social Volume (BCH)" width="800" height="425" src="https://embed.santiment.net/chart?ps=bitcoin-cash&amp;pt=BCH&amp;df=2024-04-23T18%3A30%3A01.807Z&amp;dt=2024-07-24T18%3A29%3A59.807Z&amp;emcg=1&amp;emhwm=1&amp;wm=social_dominance_total%3Bsocial_volume_total&amp;wax=0%3B1&amp;wc=%235275FF%3B%2368DBF4&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
According to analysts, the social dominance and volume curve witnessed healthy growth and headed higher. That indicated increased user engagement.&nbsp; 
The social dominance and volume reflected the users’ engagement, which might create a demand.&nbsp; 
Furthermore, the transaction volume has grown by 55.7% a day, indicating an increased demand. The transaction volume at 5.80% highlighted low volatility. BCH ranked 14th in the crypto-verse at press time with a live market capitalization of $8.8 Billion.&nbsp; 
<h2 class="wp-block-heading" id="h-daily-chart-signals-breakout-of-inverted-head-amp-shoulders-pattern">Daily Chart Signals Breakout of Inverted Head &amp; Shoulders Pattern</h2> 
The price action analysis highlighted a breakout of an inverted head and shoulders pattern in the recent sessions. The breakout marked the end of a correction phase as the price surpassed the 50-day and 200-day EMAs.  
<a href="https://in.tradingview.com/chart/BCHUSD/Be6ZyGMm-Bitcoin-Cash-Surges-12-Analysts-Forecast-an-Additional-25/"></a> <a href="https://in.tradingview.com/u/Ritika_TCR/"> </a> <a href="https://in.tradingview.com/"> </a>  
On the higher side, the BCH price surged nearly 12% above the pattern’s neckline. It seemed poised to gain nearly 25% more, according to analysts. The price may rise to $548 per the prediction before heading for another correction. 
It may invalidate a bullish reversal if the price fails to resume higher. Also, It will suffer if it falls below the neckline of the inverted head and shoulders pattern at $394. The price may then slump to test $350 and $300 levels. 
When writing, the RSI line was placed close to 65 points, and the 14-day SMA line was at 52.9 points. The RSI and SMA lines were placed above the mean line, highlighting optimism among the investors.&nbsp; 
The technical indicators are leaving a positive note on a combined analysis. The BCH price can soon touch new highs as it gains 25% if forecasts come true.&nbsp; 
The post <a href="https://www.thecoinrepublic.com/2024/07/30/bitcoin-cash-surges-12-analysts-forecast-an-additional-25-gain/">Bitcoin Cash Surges 12%, Analysts Forecast An Additional 25% Gain</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Bitcoin Cash Surges 12%, Analysts Forecast An Additional 25% Gain

Inhaltsverzeichnis

Thecoinrepublic.com

Weitere Artikel, die am 31. Juli 2024 veröffentlicht wurden

New ICO Clandeno (CLD) Launches but is PayPal Behind it? Binance Coin (BNB) & NEAR Protocol Price...

Will Solana (SOL) and Mpeppe (MPEPE) Outperform the Market in July 2024?

Will ETH ETF Inflow Revival Spark Ethereum Price Bull Run in August?

Next Crypto To Hit $1: BlockDAG’s CEO Interview Goes Viral As Presale Hits $63.9M While Polkadot ...

SEC vs Binance – What’s up with BNB after latest amendment?

Agoric Unveils Orchestration for Next-Gen Web3 Applications

Abonniere unseren kostenlosen Newsletter und erhalte tägliche Krypto-Updates!