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Bitcoin Cash [BCH] Price Analysis: Token shoots up by 12 percent, breaks multiple short-term resistances

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Bitcoin Cash [BCH] Price Analysis: Token shoots up by 12 percent breaks resistance
Source: Pixabay

Over $10 billion was added to the collective market cap as Bitcoin [BTC] surged past the $3,900-mark, unleashing the bulls. Bitcoin Cash [BCH] rose massively and is now the second-biggest gainer among the top-coins, following EOS, which was buoyed by a Block.one announcement.

Bitcoin Cash has skyrocketed against the US dollar by 12 percent, as the coin is now trading at a whopping price of $146.5. The coin’s market cap is now $2.58 billion, just under $330 million behind Litecoin [LTC] in the fifth spot.

In terms of exchange dominance, LBank takes the top-two spots, in the following trading pairs, BCH/BTC and BCH/USDT, accounting for $111.91 million or 14.53 percent and $70.19 million or 9.11 percent. Taking the third spot is Huobi Global, accounting for $56.57 million or 7.34 percent of the total BCH trading volume.

1-hour:

Source: Trading View

Bitcoin Cash has seen a massive price surge, as indicated by the recent uptrend on the one-hour chart, which stretches from $120.53 to $143.92, followed by some stabilizing movement.

The coin’s immediate support level of $119.39 has been long-surpassed and a new level will likely be placed at $139.57. Bitcoin Cash has broken its immediate resistance level placed at $121.67 as the coin’s surge began on February 18.

The Bollinger Bands show a massive increase in volatility as the coin’s price has fluctuated rapidly while the Moving Average line shows a downtrend.

The Relative Strength Index shows that the coin has seen a surge in investor interest as the RSI has shot up to 86.32, well into the ‘overbought’ zone, and has since dropped to its current rating of 58.23.

Awesome Oscillator is trading above 0. However, since the closing bars are red, the AO indicates that the bears may look to strike during the eventual market correction.

1-day:

Source: Trading View

Three noticeable trends are present in the one-day BCH price chart, the most prominent being the downtrend which has extended from $627.07 to $132.32. Prior to the same, the coin shot up from $440.27 to $624.81.

Bitcoin Cash finds immediate support at $108.59, following a rise from $73.42. The coin has broken its immediate resistance level which was pegged at $131.81 and is now trading 11.2 percent higher than the same.

The Parabolic SAR shows that the coin is trading among the bulls as the dotted lines are below the coin’s candlesticks.

The Chaikin Money Flow tool shows the money inflow has surged following the massive price increase, with the CMF line currently above 0.

The Fisher Transform line shows the coin is trading with bullish momentum as the Fisher Line is above the Trigger Line.



Conclusion:

The coin has seen a massive spike in its price, breaking both the long-term and short-term resistance levels, which were formed after a prolonged stabilizing spell. Volatility rose, investor interest surged and the bulls market their presence in the BCH market, even more so than its competitors, as Bitcoin Cash trades with a double-digit increase against the US dollar. However, the signs are not all positive as the AO line shows the bears might strike once the coin treads a correction course.





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Analysis

Bitcoin SV [BSV], Tron [TRX] and Litecoin [LTC] surge as Bitcoin [BTC] approaches $9,000 mark

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Source: Pixabay

The cryptocurrency market was surging again as the fork coin, Bitcoin Satoshi Vision [BSV], led the rally after a quiet weekend. The collective market cap stood at $268.7 billion with Bitcoin’s [BTC] dominance at 57.4%.

The controversy-ridden BSV managed to outshine the king coin, BTC in the latest surge, even as the latter made another leap over $8,500 and was closing in on the $9,000-mark.

Bitcoin SV [BSV]

The digital asset’s price took a major hit following Craig Wright’s rants and legal notices to several prominent persons in the space. At press time, BSV held a market cap of $1.91 billion and was priced at $106.8 after rising by 17.29% over the last 24 hours. The coin recorded a 24-hour trading volume of $414 million, with Upbit contributing over 9% via the trading pair BSV/KRW.

Source: TradingView

Tron [TRX]

At a time when most crypto-assets cooled down and retired on a bearish note over the weekend, Tron rallied following Justin Sun’s tweet, leaving the community on a bull ride.

“Something huge and amazing going about #TRON and #BitTorrent. I will share with you after June 1. I think I have 70% to win and nail it. Fingers crossed! $TRX $BTT”

TRX rose by 13.70% over the last 24 hours and was valued at $0.031. At press time, the eleventh largest digital coin held a market cap of $2.11 billion and recorded a trading volume of $1.23 billion over the past 24 hours, of which 8.9% was traded via TRX/USDT pair at BW.com.

Source: TradingView

Litecoin [LTC]

Litecoin was trading fairly well, despite few setbacks this year. LTC’s price soared mostly due to the much-anticipated halving event and several institutional adoptions. The fifth largest coin surged by 11.28% over the last 24 hours, catapulting its price to $113.6. At press time, LTC held a market cap of $7.04 billion and registered a 24-hour trading volume of $5.82 billion. Additionally, Coineal contributed a significant 11.3% trading volume via LTC/BTC.



Source: TradingView

Bitcoin [BTC]

The king coin achieved yet another milestone and surpassed $150 million market cap, as BTC approached the $9,000-mark with the latest upswing. It rallied by 8.36% over the past 24 hours and was valued at $8,698. At press time, BTC held a market cap of $154.1 billion and a 24-hour trading volume of $28.7 billion. Besides, 13.07% of the total trading volume was contributed to by Bitmex via XBT/USD.

Source: TradingView





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