Bitcoin Cash Price Up By 7.51% – Time to Buy BCH Coin?

Bitcoin Cash is one of the most accepted virtual currencies in the crypto space making it a popular payment choice for many crypto lovers.

While premier digital asset Bitcoin is slowing down in its price gains, Bitcoin Cash is making a beeline for a record rally. The asset is currently ranked in the top 20 most valuable crypto assets by market cap.

This article discusses the technical and fundamental performance pushing investors to buy BCH.

BCH: Looking to Break Above the $800 Resistance Level

The crypto market has been volatile for many months, with several rallies and dips. However, some assets have been showing strong investment potentials in recent days.

Bitcoin has characteristically led the return to form, but alternative currencies (altcoins) or smaller cap cryptocurrencies have contributed due to the bullish frenzy currently enveloping the market.

Bitcoin Cash – a fork of Bitcoin – has seen its price spike in the past week following a fake release that Kroger was accepting the digital currency as a payment method.

BCH shows strong daily gains at press time and is up 7.51% while trading at $722.9. Weekly gains have also been phenomenal, and this stands at a whopping 19.32% in a price increase that has trickled down to the Bitcoin fork.

Bitcoin Cash’s market cap is up 7.82% with over $13.7 billion. It has a 24-hour trading volume of $2.57 billion, up 39%.

However, BCH dropped significantly from its previous all-time high (ATH) of $3,785.82 in December 2017. But this was during the early days of the project and may have resulted from the hype surrounding the asset.

With today’s rally, BCH can look forward to more adoption of its platform as the asset seeks to solve the scalability challenge bothering its older cousin.

BCH Technical And Fundamental Analysis

Since the day began, Bitcoin Cash has shown steady growth in its price and increased from $717 to the current price peg with a strong bullish streak. This has seen many investors rushing to buy BCH, as shown by the technical data below.

Considering BCH relative to the 20-day moving average (MA) price of $614.4 shows an impressive bullish run of form. This form could see BCH seek support at $650 in a severe market downturn, but this may likely not occur given the broader tailwinds around the market. The 200-day performance of BCH is soaring above the indicator price of $654.4. While the 14-day relative strength index (RSI) figure of 71.53 shows that BCH is trading in the overbought region.

This is a sign that several investors are rushing to buy BCH. Also, the moving average convergence and divergence (MACD) point to a buy signal as the green trendline largely dictates the tempo of the digital asset.

Bitcoin Cash’s outstanding price gains can be attributed to an unconfirmed report claiming that Kroger Co. was gearing up to accept Bitcoin Cash as a payment option. The company has since released a statement denying the claim.

On a positive note, Bitcoin Cash has received much acclaim from exchange-traded fund (ETF) issuer company ETC Group.

Based in London, the ETC Group issued a report applauding the Bitcoin fork for its development and growing usage in real-world scenarios.

According to the report, Bitcoin Cash’s focus on facilitating easy, fast, everyday transactions has made it relevant in a market controlled by the older blockchain.

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