BCH Surges 40% as Golden Cross Confirmed, Targets $600 Price Level

Bitcoin Cash (BCH) has confirmed a golden cross on its hourly chart, indicating bullish momentum. The asset's price has surged 2.66% in the last 24 hours, with trading volume increasing by 40.65%. BCH is currently trading at $560.46, and its market capitalization has widened its lead over Shiba Inu (SHIB). The asset's technical indicators suggest a potential rally towards the $600 price level, although failure to sustain momentum could see the price crash to $540.

Bitcoin Cash (BCH) has confirmed a golden cross on its hourly chart, signaling bullish momentum for the asset. The price of BCH has surged by 2.66% in the last 24 hours, reaching $560.46, with trading volume increasing by 40.65% [1]. The technical indicators suggest that BCH could rally towards the $600 price level, although failure to sustain momentum might see the price crash to $540.

The golden cross is a notable technical event that occurs when a short-term moving average crosses above a long-term moving average, indicating a potential upward trend. In BCH's case, the nine-day moving average surged above the 26-day moving average, suggesting a bullish sentiment [1].

The recent price action has been driven by a significant uptick in investor interest. BCH climbed from a low of $535.38 to an intraday high of $572.53 within the last 24 hours. The asset's market capitalization has also widened its lead over Shiba Inu (SHIB), currently ranked 15th with a market cap of $11.26 billion compared to SHIB's 23rd position valued at $7.19 billion [1].

However, the trend remains uncertain. While the golden cross signals a bullish momentum, the Relative Strength Index (RSI) reading of 59 suggests that the asset might be overbought. Additionally, the price action since April has been mixed, with BCH attempting to validate long-term diagonal support and breaking down from an ascending parallel channel [2].

The next few weeks will be crucial for BCH's trend. The asset is caught between a potential bounce and further downside, with the correction potentially ending at the 0.382 Fibonacci retracement support at $490 [2]. Momentum indicators, such as the RSI and MACD, remain in positive territory but are declining, indicating a loss of momentum from the price action.

Investors should remain vigilant and monitor the asset's price action closely. The recent surge in price and volume suggests that BCH is attracting significant interest, but the uncertainty in the trend means that there is still a risk of a price correction.

References:
[1] https://u.today/bitcoin-cash-bch-confirms-golden-cross-as-volume-shoots-40
[2] https://www.ccn.com/analysis/crypto/bitcoin-cash-bch-price-trend/