Bitcoin Cash

bullish

Bitcoin

Daily

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The <a href="https://www.thecoinrepublic.com/price-prediction/bitcoin-cash/" rel="noopener noreferrer nofollow">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 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/" rel="noopener noreferrer nofollow"></a> <a href="https://in.tradingview.com/u/Ritika_TCR/" rel="noopener noreferrer nofollow"> </a> <a href="https://in.tradingview.com/" rel="noopener noreferrer nofollow"> </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/" rel="noopener noreferrer nofollow">Bitcoin Cash Surges 12%, Analysts Forecast An Additional 25% Gain</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.

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

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