Bitcoin Cash (BCH) has recently experienced an astonishing surge of 70% in just seven days, leading to speculation about its potential to outshine Bitcoin. Currently hovering around the $300 mark, BCH has already completed a significant 78.2% Fibonacci retracement, further fueling interest in its upward trajectory. This analysis will delve into the technical outlook and indicators of this remarkable rally.
At present, the price of Bitcoin Cash stands at $296, with a trading volume of $2.4 billion in the last 24 hours. While there has been a 4% decline in the past day, BCH has seen an impressive 70% surge over the past week. With a market cap of $5.7 billion, Bitcoin Cash ranks #14 on CoinMarketCap. Its circulating supply includes 19,436,669 BCH coins, while the maximum supply is capped at 21,000,000 BCH coins.
Bitcoin Cash has made a significant breakthrough by surpassing the key 61.8% Fibonacci retracement level at $270, signaling a bullish trend in its price movement. Analyzing the daily chart, the presence of a strong bullish candlestick pattern confirms the high buying interest among investors, propelling BCH’s price towards the $330 level. However, a close below this level could potentially trigger a bearish correction.
It is important to note that minor corrections may occur, leading to a retracement towards the $244 level. Currently, the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators on the daily chart are in the overbought zone, indicating that the bullish momentum may be approaching exhaustion. This presents an opportunity for sellers to profit from a potential correction below the $330 level, with attractive selling points at target support levels of $244 and $205. On the other hand, a decisive break above the $330 level could fuel further upward movement for Bitcoin Cash, paving the way for new highs at $398 and creating opportunities for bullish trades.
Promising Meme Coins: WSM and THUG
Aside from Bitcoin Cash, two other alternative coins worth considering for investment are WSM and Thug Life Token. Including WSM in your investment portfolio alongside Bitcoin Cash can increase your chances of success in the crypto market.
WSM, the meme coin associated with Wall Street Memes, a renowned online community for informed investors, has achieved a remarkable feat during its presale phase. In just a few weeks since its launch, the presale has generated an outstanding fundraising amount of over $11.7 million, showcasing an impressive rate of fundraising. Investors currently have the opportunity to buy WSM at a rate of $0.0307, with the price gradually rising to $0.031 as the presale progresses. This allows investors to potentially secure guaranteed profits on paper if they participate at this stage. Don’t miss out on the chance to get involved in the presale of WSM and capitalize on its promising advancement. Act now and purchase Wall Street Memes to join in on this exciting and profitable prospect.
Thug Life Token is making waves on social media and in web3 circles as a brand-new meme coin project. Just hours after launching its token presale, the project has already accumulated an impressive $200,000 through THUG sales. The growing popularity of THUG is expected to attract more meme coin enthusiasts who want to contribute financially and be a part of the project. Operating on the Ethereum blockchain, THUG has a maximum supply of 4.2 billion tokens, with 70% reserved for the presale phase. This allocation emphasizes the importance of building a strong community foundation for a meme token like THUG, as it sets the stage for potential future rallies and sustained growth.
For investors interested in participating in the sale, time is of the essence. The presale consists of a single stage, offering 1 THUG token at a price of $0.0007. It is crucial to act swiftly, as the sale will conclude once it reaches the hard cap of $2,058,000. Don’t miss out on the excitement surrounding Thug Life Token (THUG). Seize the chance now to be a part of this promising meme coin project!