Key takeaways
- BCH rallied 15% final week, reclaiming the $600 worth within the course of.
- The rally allowed Bitcoin Cash to overhaul Chainlink and Hyperliquid available in the market cap listing.
BCH is now the Eleventh largest crypto by market cap
The cryptocurrency market started the brand new week bullish, with Bitcoin, Ether, and XRP all within the inexperienced. Bitcoin is at present buying and selling above $92k, whereas Ether is now approaching the $3,200 area.
Bitcoin Cash (BCH) has been the most effective performers among the many prime 20 cryptocurrencies by market cap. It added 15% to its worth within the final seven days, outperforming the broader cryptocurrency market.
The rally allowed BCH to reclaim the $600 degree after underperforming earlier this month. At press time, BCH is buying and selling at $594 and could rally larger within the close to time period. The rally additionally allowed Bitcoin Cash to overhaul Chainlink (LINK) and Hyperliquid (HYPE), and it’s now the Eleventh-largest cryptocurrency by market cap.
BCH faces resistance above $650
The BCH/USD 4-hour chart is bullish and environment friendly as Bitcoin Cash has been one of the best performer among the many prime 20 cryptocurrencies by market cap within the final seven days. The coin has outperformed Bitcoin, Ether, XRP, and different main altcoins.
The momentum indicators are bullish, suggesting that the patrons are at present in charge of the market. The Relative Strength Index of 59 is above the impartial 50, suggesting that the market situations are flipping bullish. The MACD traces additionally flipped into the bullish zone final week, flashing a purchase sign for the merchants.
If the rally continues, BCH could rally in direction of the subsequent main resistance degree at $650, its highest degree for the reason that begin of the yr. The subsequent main resistance stands at $720, its 2024 excessive.
However, if the restoration fails, Bitcoin Cash could retest the $550 Inducement Liquidity (ILQ) over the subsequent few hours or days.
