Is it too Late to Buy Bitcoin Cash ($BCH) After a 115% Rally?

In recent times, Bitcoin Cash has grabbed the attention of several investors due to its massive growth recorded. From the last week’s low of $109.6, the coin price surged 115.5% and reached the current trading price of $236.6. The sudden growth in this crypto coin is likely associated with its listing on institutional-backed crypto exchange EDX Markets. But how long may the BCH price continue this bullish growth?

Also Read: Bitcoin Cash Price Explodes As Crypto Market Pumps, Ecoterra & DeeLance Also Surging

Bitcoin Cash Price Daily Chart:

• After an aggressive rally, the BCH price is likely to correct and replenish bullish momentum.
• A bullish crossover offers another boost to buyers and keeps a steady uptrend
• The intraday trading volume in Bitcoin is $1.17 billion, indicating a 117% gain. 

(Source: Tradingview)

The EDX crypto exchange listing, coupled with growing trading volumes and social media interest, has contributed to the positive performance of BCH’s price. The upright rally has recently breached another horizontal resistance of $216-$212 indicating the buyers are ready to reach higher levels.

Moreover, the 5% intraday offers a suitable follow-up for confirming the bullish upswing. With sustained buying, the Bitcoin Cash price could rise another 11.5% to reach the $260 mark.

The aforementioned resistance could act as a major resistance that could halt the ongoing recovery.

Will Bitcoin Cash Price Surpass $260?

The Bitcoin Cash price has already shown an exceptional rally over a week and therefore any further growth with external news is likely. Moreover, such aggressive buying is usually followed by a period of correction that stabilizes the build-up selling pressure and offers a breather to buyers before continuing the prior recovery. Thus, the BHC price is likely to go under a correction before rising above $260.

• Relative Strength Index: The daily RSI slope in oversold rejection reflects the excessive buying from traders and therefore need for a correction phase to stabilize it.
• Exponential Moving Average: The daily EMAs(20, 50, 100, and 200) left behind also accentuate instability in this coin, as prices usually tend to waver close to moving averages.