- Summary:
- Bitcoin Cash price is back up above $600 after Tuesday's selloff. The crypto's gains will likely be curbed in the short term,
Bitcoin Cash price is back up above the crucial support zone of $600 after Tuesday’s cryptocurrency selloff. According to CoinMarketCap, the global cryptocurrency market cap is down by 9.29% from the previous session. However, it remains above the $2 trillion mark at $2.05 trillion.
BCH has had its market cap decline by 10.30% to $12.38 billion. However, its trading volume has surged by 67.47% over the past 24 hours to $5.29 billion. Notably, the crypto fear and greed index has dropped from the extreme greed of 79 on Tuesday to a neutral of 47. In the ensuing sessions, the crypto market will likely be defined by curbed gains.
Bitcoin Cash Price Prediction
BCH has eased after it bounced off from Tuesday’s plunge. In the previous session, the altcoin dropped by about 30.27% to an intraday low of 555.80. Notably, that was the first time in close to a month that Bitcoin Cash price had fallen to that level.
The crypto has since rebounded to trade steadily above the crucial support level of 600. At the time of writing, it was down by 1.75% at 660.31.
On a two-hour chart, it is trading below the 25 and 50-day exponential moving averages. In the near term, I expect Bitcoin Cash price to trade within a rather tight range of between 640 and 680.
A move above the horizontal channel’s upper border will place the resistance level along the 25-day EMA at 697.75. On the flip side, a move below 640 will have the bears retesting the support zone of 600.
