Bitcoin Cash Price Bleeds 15%! Will BCH Price Reclaim $300 Soon?

The post Bitcoin Cash Price Bleeds 15%! Will BCH Price Reclaim $300 Soon? appeared first on Coinpedia Fintech News

The crypto industry has witnessed a significant correction in its valuation as the market leader, Bitcoin price has recorded a correction of over 7% in its portfolio. Following in the footsteps, the Bitcoin Cash price has recorded a bearish move over the past day.

The BCH price traded in a closed range between $226.6 and $238.5 for almost two weeks, following which the market gained momentum and the price jumped over 20% during the next few days.

After facing rejection at $273, the Bitcoin Cash price recorded a correction of approximately 8% in valuation. However, the bulls held the price strong above the support level of $251.3, resulting in a bounceback in the chart.

The price then faced rejection at $284.5, following which the coin started trading under a bearish influence and recorded a low of $226.6. After this, the price traded sideways in a closed range between $226.6 and $238.5 for a while.

Following this, the price gained just enough momentum to break out of the range where the price displayed a neutral trend for a while. Recently, the BCH price recorded a jump of 23.5%, after which the price faced rejection at $294.6.

Since then, the price has been trading under a bearish influence and has recorded a correction of 14.96% in valuation.

Will BCH Price Go Back Up?

The technical indicator, MACD, displays a rising red histogram, indicating an increase in the selling-over-buying pressure in the market. Further, the averages show a bearish convergence, highlighting a strong bearish influence in the crypto space.

If the bulls push the price above the resistance level of $261, the BCH price will regain momentum and run to test its upper resistance level of $273. Maintaining the price at that level will set the stage for the Bitcoin Cash price to attempt to test its resistance level of $284.5 during the coming week.

Conversely, if the bears overpowered the bulls, the price will lose momentum and fall to test its support level of $251 soon. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $238.5 by the coming time.