The price of Bitcoin Cash (BCH) has recently experienced a remarkable rally, surging by 70% within just seven days. This surge has ignited speculation about the potential of BCH to surpass the leading cryptocurrency, Bitcoin. Currently trading near the $300 level, BCH has already completed a significant 78.2% Fibonacci retracement, adding further interest to its upward trajectory.
With a 24-hour trading volume of $2.4 billion, BCH has seen a 4% decline in the last 24 hours but an impressive 70% surge over the past seven days. It currently holds the #14 ranking on CoinMarketCap, with a live market cap of $5.7 billion. The circulating supply of BCH consists of 19,436,669 coins, with a maximum supply capped at 21,000,000 coins.
Bitcoin Cash has achieved a significant breakthrough by surpassing the key 61.8% Fibonacci retracement level at $270, signaling a bullish trend in its price trajectory. On the daily chart, a robust bullish candlestick pattern confirms strong buying interest among investors, propelling BCH’s price toward the $330 level. However, a close below this level could potentially trigger a bearish correction for BCH. Minor corrections may occur, leading to a retracement toward the $244 level.
A Potential Bearish Correction and Selling Opportunities
It’s important to be aware that the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators on the daily chart are currently in the overbought zone, indicating that the bullish momentum may be nearing exhaustion. This creates an opportunity for sellers looking to profit from a potential correction below the $330 level. Attractive selling points can be found 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. This presents opportunities for bullish trades and potential profits for investors.
In addition to Bitcoin Cash, there are also two other promising alternative coins worth considering for investment – WSM and Thug Life Token.
Including WSM alongside Bitcoin Cash in your investment portfolio can enhance your chances of success in the crypto market. Wall Street Memes (WSM), a renowned online community catering to informed investors, has recently accomplished a significant feat by effectively selling its meme coin, $WSM, during its presale phase. The presale has generated an outstanding fundraising amount of over $11.7 million in just a few weeks since its launch, showcasing an impressive rate of fundraising.
During the presale phase of WSM, investors have the chance to buy $WSM at a rate of $0.0307, with the price gradually rising to $0.031 as the presale progresses. This provides an opportunity for potential guaranteed profits on paper if investors participate at this particular stage.
Thug Life Token is making a splash on social media and in web3 circles as a brand-new meme coin project. Within just a few hours of launching its token presale, the project has already amassed an impressive $200,000 through $THUG sales. The growing popularity of $THUG is expected to attract more meme coin enthusiasts looking to join the project and contribute financially.
Operating on the Ethereum blockchain, THUG has a maximum supply of 4.2 billion tokens, with 70% of this allocation reserved for the presale phase. Building a strong community foundation is crucial for a meme token like THUG, as it sets the stage for potential future rallies and sustained growth.
Investors interested in participating in the Thug Life Token sale should act swiftly, as the presale will consist of a single stage, offering 1 THUG token at a price of $0.0007. The sale will conclude once it reaches the hard cap of $2,058,000.
The surging price of Bitcoin Cash (BCH) presents an intriguing opportunity for investors. With a strong technical outlook and indicators signaling potential further upside, BCH has the potential to surpass Bitcoin. Additionally, alternative coins like WSM and Thug Life Token offer unique investment prospects that can enhance portfolio diversification. However, as with any investment, it is important to carefully consider the risks and conduct thorough research before making investment decisions in the volatile cryptocurrency market.
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