Bitcoin Cash Surges 12%, Analysts Forecast an Additional 25%
Bitcoin Cash Surges 12%, Analysts Forecast an Additional 25% Gain
The social metrics like social dominance and volume curve were headed upwards suggesting an increased user engagement.
Despite a 12% jump in the BCH price, the analysts anticipate a 25% gain before heading for a correction.
Bitcoin Cash price has been on a gaining streak for the fourth consecutive session. The bulls domination along with a optimism in the broader markets triggered a breakout of an interesting pattern after which BCH price gained nearly 7.08% today.
At the time of writing, Bitcoin Cash was exchanging hands close to $445.6 recording an impressive intraday addition of nearly 7.08% and over 12% in the last couple of sessions. Despite a strong performance, few analysts are assuming the gains to compound by 25% more.
Moreover, the recent price rise is supported by few on-chain metrics like social development and social volume. Let's analyze the metrics in correlation with the BCH price.
Social Metrics Curve Highlights Increased User Engagement
Bitcoin Cash (BCH) is a peer-to-peer electronic cash system designed to be a reliable global currency. It offers fast transactions, minimal fees, enhanced privacy, and larger block sizes. As a decentralized and permissionless cryptocurrency, Bitcoin Cash operates without the need for trusted third parties.
Moreover, As per the data obtained from an on-chain analytics website app.santiment.net, the analysts have noted a positive development in on-chain metrics, social dominance and social volume.
<iframe title="Santiment Chart: Social Dominance (BCH), Social Volume (BCH)" width="800" height="425" src="embed.santiment.net/chart?ps=bitcoin-cash&pt=BCH&df=2024-04-23T18:30:01.807Z&dt=2024-07-24T18:29:59.807Z&emcg=1&emhwm=1&wm=social_dominance_total;social_volume_total&wax=0;1&wc=#5275FF;#68DBF4&ws={"interval":"1d"};{"interval":"1d"}" scrolling="no"></iframe>
As per the analysts, the social dominance and social volume curve witnessed a healthy growth and were headed on the higher side, indicating the increased user engagement. The social dominance and social volume reflect the engagement of the social user which may create a demand.
Furthermore, the transaction volume has grown by 55.7% a day indicating an increased demand. The transaction volume at 5.80% highlights low volatility. BCH ranks 14th in the cryptoverse with a live market capitalization of $8.8 Billion.
The Daily Chart Highlights Breakout Of An Inverted Head & Shoulders Pattern.
The price action analysis highlights a breakout of an inverted head and shoulders pattern in the recent sessions. The breakout marked the end of a correction phase as the price surpassed the key exponential moving average of 50 and 200 days.
On the higher side, BCH price has surged nearly 12% above the neckline of the patter and is poised to gain nearly 25% more as per the analysts. As per the prediction the price may rise to $548 before heading for another correction.
Also, if the price fails to resume higher and suffers below the neckline of the inverted head and shoulders pattern at $394, it may invalidate a bullish reversal. The price may then slump to test $350 and $300 levels.
At the time of writing, the RSI line was placed close to 65 points and that of the 14 day SMA line was placed at 52.9 points. Both the RSI and SMA line were placed above the mean line highlighting an optimism among the investors. The technical indicators are leaving a positive note on a combined analysis.
The social metrics like social dominance and volume curve were headed upwards suggesting an increased user engagement.
Despite a 12% jump in the BCH price, the analysts anticipate a 25% gain before heading for a correction.
Bitcoin Cash price has been on a gaining streak for the fourth consecutive session. The bulls domination along with a optimism in the broader markets triggered a breakout of an interesting pattern after which BCH price gained nearly 7.08% today.
At the time of writing, Bitcoin Cash was exchanging hands close to $445.6 recording an impressive intraday addition of nearly 7.08% and over 12% in the last couple of sessions. Despite a strong performance, few analysts are assuming the gains to compound by 25% more.
Moreover, the recent price rise is supported by few on-chain metrics like social development and social volume. Let's analyze the metrics in correlation with the BCH price.
Social Metrics Curve Highlights Increased User Engagement
Bitcoin Cash (BCH) is a peer-to-peer electronic cash system designed to be a reliable global currency. It offers fast transactions, minimal fees, enhanced privacy, and larger block sizes. As a decentralized and permissionless cryptocurrency, Bitcoin Cash operates without the need for trusted third parties.
Moreover, As per the data obtained from an on-chain analytics website app.santiment.net, the analysts have noted a positive development in on-chain metrics, social dominance and social volume.
<iframe title="Santiment Chart: Social Dominance (BCH), Social Volume (BCH)" width="800" height="425" src="embed.santiment.net/chart?ps=bitcoin-cash&pt=BCH&df=2024-04-23T18:30:01.807Z&dt=2024-07-24T18:29:59.807Z&emcg=1&emhwm=1&wm=social_dominance_total;social_volume_total&wax=0;1&wc=#5275FF;#68DBF4&ws={"interval":"1d"};{"interval":"1d"}" scrolling="no"></iframe>
As per the analysts, the social dominance and social volume curve witnessed a healthy growth and were headed on the higher side, indicating the increased user engagement. The social dominance and social volume reflect the engagement of the social user which may create a demand.
Furthermore, the transaction volume has grown by 55.7% a day indicating an increased demand. The transaction volume at 5.80% highlights low volatility. BCH ranks 14th in the cryptoverse with a live market capitalization of $8.8 Billion.
The Daily Chart Highlights Breakout Of An Inverted Head & Shoulders Pattern.
The price action analysis highlights a breakout of an inverted head and shoulders pattern in the recent sessions. The breakout marked the end of a correction phase as the price surpassed the key exponential moving average of 50 and 200 days.
On the higher side, BCH price has surged nearly 12% above the neckline of the patter and is poised to gain nearly 25% more as per the analysts. As per the prediction the price may rise to $548 before heading for another correction.
Also, if the price fails to resume higher and suffers below the neckline of the inverted head and shoulders pattern at $394, it may invalidate a bullish reversal. The price may then slump to test $350 and $300 levels.
At the time of writing, the RSI line was placed close to 65 points and that of the 14 day SMA line was placed at 52.9 points. Both the RSI and SMA line were placed above the mean line highlighting an optimism among the investors. The technical indicators are leaving a positive note on a combined analysis.
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