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Highlights
- BCH price rose by 21% over the last day in a seismic rally.
- The rally appears to have been triggered by solid fundamentals but long-term sustainability is in doubt.
- BCH trading volume and Open Interest has reached peak levels.
Bitcoin Cash price has spiked by 21% over the last day on the back of a raft of positives. While chatter over the sustainability of the rally has grown louder, Javon Marks is predicting an even bigger surge for Bitcoin Cash (BCH).
Bitcoin Cash Price Spikes By Over 21% Driven By Impressive Fundamentals
According to CoinMarketCap data, Bitcoin Cash price soared by over 21% in the last 24 hours to reach a high of $376.79. The sudden price surge saw BCH trading volumes climb to $373 million, a 50% increase over the last day.
A closer look at the charts and on-chain data reveals the triggers for the jolt in Bitcoin Cash price. Right out of the bat, the biggest needle-mover for BCH appears to be from its derivatives data, with rising Open Interest figures climbing by 8.76%.
Alongside the increase in the number of unsettled contracts is a surge in daily active addresses for Bitcoin Cash. The daily active addresses have risen by 5.7% over the last day, making Bitcoin Cash the highest gainer among the top 20 cryptocurrencies by market capitalization.
It appears that the exchange outflow for BCH is spiking, serving as an additional confirmation of the bullish sentiments. However, concerns over the long-term sustainability of the BCH price rally are weighing on the minds of investors.
Since racking up the 21% daily gains, the price of BCH has fallen to $372%, leaving investors scanning the horizon for the earliest signs of a correction.
Javon Marks Predicts A Longer Price Surge For BCH
Cryptocurrency analyst Javon Marks is projecting an even bigger and sustained rally for Bitcoin Cash price. In an X post, Marks theorizes that the recent gains notched by BCH are early “signs of recovery,” noting that a 300% rally is in the offing.
The crypto analyst is pegging his prediction on BCH’s soaring trading volumes and price performance to breach a falling trendline. According to Marks, on-chain data suggests that Bitcoin Cash price can reach $1,509 in this window, a 301% increase from its present levels. The analyst has previously tipped a 260% rally for Cardano price based on an ascending triangle pattern and rising long-term holding behaviour.
“With prices also still being broken out, this surge can be part of an over 300% uphill run to the $1,509.89 target,” said Marks.
While Bitcoin Cash price is tipped for a rally, Bitcoin is targeting $106K if prices break through the critical resistance of $94,200.
The broader cryptocurrency market did not match Bitcoin Cash’s recent gains, falling by 0.54% to settle at a market capitalization of just under $3 trillion.
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