Bitcoin Cash (BCH) price has surged over 10% in the past 24 hours, surpassing the $10 billion market cap and signaling renewed bullish momentum. The recent surge has brought BCH closer to key resistance levels, indicating potential for further gains if the uptrend strengthens.
However, indicators like the RSI and ADX show that while the trend is improving, it is not yet fully strong. Whether BCH can maintain its upward momentum or face a pullback will depend on how it navigates critical resistance and support levels in the coming days.
BCH’s Current Uptrend Is Getting Stronger
BCH currently has an ADX of 19.31, up from 12 just a day ago. This increase indicates that the trend strength is gradually gaining momentum after being weak.
However, as the ADX is still below 25, it suggests that the uptrend has not yet reached a strong or sustained level of trend strength.
BCH ADX. Fonte: TradingView
ADX measures the strength of a trend, with values above 25 indicating a strong trend and below 20 indicating a weak or uncertain trend. While Bitcoin Cash is currently in an uptrend, the ADX at 19.31 suggests that the trend is still in its early stages of strengthening.
If the ADX continues to rise above 25, it could confirm a stronger uptrend, but for now, Bitcoin Cash price action remains cautious, with room for further development.
Bitcoin Cash is no longer in the overbought zone
Bitcoin Cash has an RSI of 64.5, down from over 70 just a day ago. This drop suggests that while the asset is still experiencing bullish momentum, the intensity of buying pressure has started to wane.
The drop below 70 takes BCH out of the overbought zone, indicating a more balanced market sentiment.
BCH RSI. Source: TradingView
The RSI, which measures the speed and magnitude of price changes, indicates overbought above 70 and oversold below 30. At 64.5, BCH remains high, reinforcing the upward trend.
However, the slight dip in the RSI could mean that the pace of gains is moderating, potentially leading to BCH price consolidation before any further upward movement.
BCH Price Prediction: Will a New Surge Occur Soon?
If BCH maintains its current uptrend and gains additional momentum, it could continue its ascent after rising by over 10% in the past 24 hours.
BCH Price Analysis. Source: TradingView
However, this strength could push the BCH price to test the resistance at $536.9. A break above this level would signal a continuation of the bullish momentum and could attract more buying interest.
On the other hand, if the uptrend fades and reverses, the BCH price could pull back to test the nearest support levels at $424 and $403. If these supports fail to hold, the price could drop further to $364, representing a potential 27% correction.
The article Bitcoin Cash (BCH) soars 10% and leads the day’s gains appeared first on BeInCrypto Brasil.
