Bitcoin Cash Down by 9.33% – Time to Buy BCH?
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- Market Downturn Offers Investors an Opportunity to Buy BCH at a Low Price
- Bitcoin Cash Adoption Continues to Grow
- PayPal Launches BCH External Transfers
With the current market downturn affecting its price, many investors believe that Bitcoin Cash is in a good buying position. In this article, we’ll examine the technicals supporting this digital asset and if investors can buy BCH now.
Bitcoin Cash Adoption Continues to Grow
Adoption for Bitcoin Cash (BCH) continues to rise.
Late last month, crypto activist Roger Ver tweeted that CaribeEats – a restaurant and food delivery service in the Caribbean – now accepts Bitcoin Cash as a payment method.
As of today, https://t.co/jo5L9YGhz9 accepts #BitcoinCash! Try it today in #Antigua #BVI #Barbados #Bahamas #Caribbean #Grenada #GUYANA #London #Trinidad #USA https://t.co/K8GOsZM66j pic.twitter.com/SQxZRcVPAp
— Roger Ver (@rogerkver) May 28, 2022
The company serves Caribbean countries like Barbados, Dominica, Grenada, St. Kitts, and the United States. By allowing customers to buy Bitcoin Cash and process payments, the platform makes it easy for crypto enthusiasts to get their groceries and meals delivered.
Bitcoin Cash is also seeing massive adoption in India, with several prominent establishments accepting the coin as a payment method. In mid-April, Hosanna House Montessori School, a children’s school located in Mumbai, confirmed that it had become the premier Indian Montessori school to accept the coin.
Additionally, the Nahar Medical Center became India’s first medical facility to accept Bitcoin Cash earlier this month. This increase in popularity is expected to entice more investors to purchase Bitcoin Cash.
PayPal Launches BCH External Transfers
Bitcoin Cash is also receiving a lot of support from PayPal, the world’s largest online payment processor. The platform stated earlier this month that users can now transfer multiple assets, including BCH, to other wallets and exchanges.
Currently, the feature is only available to American users, but it is expected to make crypto spending even easier. PayPal will use its infrastructure to provide instant and free transfers, making it easier for crypto investors to spend their coins.
BCH Technical Analysis
Currently, Bitcoin Cash trades at $135.05. The digital asset is down by 9.33% in the past 24 hours and 32.47% in the past month. This downturn offers a low entry point to investors looking to buy cryptocurrency.
Following the price drop, Bitcoin Cash has now fallen below all of its major moving average (MA) indicators, from the 10-day MA of $169.62 to the 200-day MA of $329.19. Bitcoin Cash will need the broader market to flip bullish before making a run for these key levels.
A negative moving average convergence divergence (MACD) also indicates a sell signal. This isn’t surprising, considering that the market is in another downturn. However, investors looking for long-term gains can buy Bitcoin Cash as the coin is expected to see price surges when the market flips bullish.
Bitcoin Cash’s relative strength index (RSI) of 26.28 serves as an encouragement to investors seeking to invest in cryptocurrency. The RSI reveals that BCH has firmly entered the oversold region, putting it in a good position for a purchase.
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