Bitcoin Cash Approaches Key Zone: Will Bulls Defend the $615 Support?

Bitcoin Cash is gaining more market attention as traders are following its recent price movement and technical indicators. The asset was designed to provide quicker transactions and reduce fees as compared to Bitcoin. It is designed with a higher block size and more effective processing on-chain. The project still works on presenting itself as a viable digital currency to use on a daily basis.

As of press time, Bitcoin Cash is currently trading at $633, having gained 1.07% in the last 24 hours. There is accelerated market activity with an increase in trading volume of 65.69%. Its market capitalization is $12.63 billion. The price experienced a steady improvement of 7.56% over the last week.

Source: CoinMarketCap

Bitcoin Cash Holds Support Levels Amid Wedge Pattern

Analyst CoinCodeCap Trading highlighted that a strong uptrend is followed by a rising wedge strategy. The analyst claimed that the momentum remains positive, but it has begun to decelerate. Pullbacks that are directed towards the support of the wedge are considered buy zones. The failure of the wedge would be an indication of a cooling stage. The interest in ETFs and the activity of whales continue to act as supportive factors.

The levels of support are at $625 and $550, whereas the resistance is at $650 and $700. The analyst recommended the purchase at or near wedge support. The decrease in the wedge structure would indicate weaker momentum.

Source: X

Also Read: XRP Builds Momentum for a Strong Surge Toward $2.30 Resistance

Analyst CW mentioned the presence of a thick sell wall up to the $800 level. The breakout of more than $800 could lead to a more vigorous rally. The analyst feels that the breakout might occur without causing a protracted delay when pressure has accumulated.

Source: X

BCH Holds Critical Support as Market Activity Rises

According to CoinLore data, Bitcoin Cash has to remain above the price of $615.92 to reach the first resistance of $638.56. Any movement above $638.56 can lead to the subsequent resistance of $701.83. In case the price goes down, the initial support to observe is at $615.92. Any failure to hold this level can result in a fall to $595.84.

According to CoinGlass data, trading volume rose by 31.74% to reach $1.10 billion. Open interest has increased by 0.81% to $845.38 million. The OI-Weighted Funding Rate stands at 0.0079%, which shows equal positioning of traders.

Source: CoinGlass

Bitcoin Cash opens the subsequent trading sessions with explicit levels that will regulate the market sentiment. Analysts believe that the next move will either indicate a continuation of the growth of the asset or a transition to consolidation. The market will center on support tests, the behavior of the wedge structure, and proximity to major resistance zones.

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