With Bitcoin price hitting a historic high of $97,900, the looming curse of Bitcoin Cash is stirring waves. In the past 24 hours, BCH price has surged by 18.29%, breaking through the $500 mark. Will this breakout rebound lead to a new 52-week high surpassing $719? Let’s find out in Coinpedia's latest BCH price analysis.
Bitcoin Cash price performance
The daily chart shows that the BCH price trend indicates that the breakout rebound has finally gained momentum. After consolidating in October and early November, BCH price has broken through the 23.60% Fibonacci level, reaching $387.
With a V-shaped recovery, the upward trend started from $321, and the current trading price is $519. This rebound accounts for a 61.30% increase. Additionally, it has broken through the 50% Fibonacci level of $493.
It created a massive bullish engulfing candle and broke through two Fibonacci resistance levels, increasing the chances of an upward rebound.
Technical indicators:
EMA: Support for a bullish trend, recovery rebound leads to bullish impact, forming a golden cross between the 50-day and 200-day EMA. Additionally, a positive crossover has also occurred between the 100-day EMA and the 200-day EMA.
MACD: The MACD indicator shows a slight divergence at the crossover point of bearish and bullish engulfing candlesticks. Therefore, the technical indicators maintain a positive alignment. Thus, the technical indicators hold an optimistic view on BCH price.
Will BCH price break through $700?
The Fibonacci retracement tool sets an immediate price target at $541. Breaking through this level will aim for $608 and $694, increasing the likelihood of setting a new 52-week high.
Apart from the 52-week high, the 1.27 Fibonacci level of $803 is a potential price target for December 2024. On the other hand, key support levels for BCH price are at $493 and $446.
With the warming of the bull market, will the price of Bitcoin Cash reach $1,000 in this recovering market? Learn more about our BCH price prediction, which provides a long-term perspective.
