Bitcoin Cash Price Analysis: With 11% Bounce From 200-Day EMA, Will BCH Price Cross $200?

The post Bitcoin Cash Price Analysis: With 11% Bounce From 200-Day EMA, Will BCH Price Cross $200? appeared first on Coinpedia Fintech News

Following the 200% rally in June, Bitcoin Cash lost almost half its value, falling under $200 and a falling wedge pattern. However, breaking under the support trendline, Bitcoin Cash finds a footing at the flat line of 200-day EMA. 

With a YTD growth of 99.18%, BCH coin price inches closer to triple-digit growth in 2023 to beat other blue chip altcoins with this phenomenal return. Moreover, at a discount of 42% from its 2023 high questions, Bitcoin Cash shows strong potential for growth in the coming weeks. 

BCH coin price finds an 11% bounce from the 200-day EMA to face off the supply inflow at $200, leading to a 3.07% drop today. However, the BCH coin price jumps back into the wedge and trades at $191.57.

Moreover, the daily RSI line resurfaces from the oversold zone and may soon challenge the overhead resistance of the 50-day EMA. 

Moreover, the deadline for Blackrock and Grayscale Bitcoin ETF approaches this Friday, which may soon add rocket fuel to the BCH rally. 

In the BCH price prediction, the recovery trend will continue and boost with a potential recovery in the market leader, Bitcoin. Potentially, the uptrend can reach $228 or $258 with a breakout of $200. 

On the flip side, if Bitcoin falls under $26K with a delay in the SEC approving Bitcoin ETF, BCH price may suffer. If the BCH price falls under $180, it may crash to $150.