BCH price has risen by 1.09% over the past 24 hours according to CoinMarketCap. During this timeframe, its trading volume has dropped by 1.77% while its market cap is up by 1.20%. The altcoin, which is ranked 21st in the crypto market, is on course to hit $600, which has been a crucial level in the current month.
On a broader perspective, the global crypto market cap is up by 2.05% from the previous session at $2.60 trillion. In the near term, $600 will remain a crucial level for Bitcoin Cash.
Bitcoin Cash is back up above the crucial level of 550 after dropping below this zone earlier in the week. Since rising above 550 earlier in the month, the altcoin has been trading above it steadily. At the time of writing, it was up by 0.24% at 580.52.
On a three-hour chart, BCH price is trading slightly below the 25 and 50-day exponential moving averages. In the near term, I expect it to rebound further as it finds resistance at the support-turn-resistance level of 600, which is along the 25-day EMA.
Above that level, BCH price will probably rise further 622.54, which has been a key level for the altcoin in the current month. On the flip side, it may reverse its gains to retest the support zone at 550.
This post was last modified on Oct 29, 2021, 10:09 BST 10:09