BCH:
The price of BCH has broken through the $500 mark in the past 24 hours, with an increase of over 10%. Furthermore, the market continues to rise under strong bullish momentum, indicating a positive upward trend for BCH in the coming weeks.
After a short period of consolidation in early March, BCH surged by 64.02% in the two days before the 25th of this month. The price then faced resistance at $508 and fluctuated narrowly, during which the market also indicated bearish sentiment.
As market volatility increased, BCH broke through the support level. The price consolidated in the range of $402 to $450 for about 12 days, after which the bulls lost momentum and displayed a relatively negative price trend.
However, BCH managed to maintain its price above the support level of $357 and regained momentum. Subsequently, the price of BCH has been quite positive, rising by approximately 58.54%.
The bullish green bars of the MACD indicator are increasing in volume, and the bullish momentum is also growing, while the 4-hour EMA is extending upwards.
Will the BCH price rise?
If the bulls continue to push the price of BCH above the resistance level of $566, BCH will gain momentum and test its upper limit of $600 this week. Additionally, if the price continues to rise, BCH will attempt to test its upper limit resistance of $650 in the near future.
On the other hand, if the bears overpower the bulls, the price of BCH will lose momentum and fall to test its support level of $508. If the bulls fail to regain momentum, the price will further plummet and prepare to test its lower support level of $450 next month.
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