Bitcoin Cash has been under pressure in recent days, marking a 35% drop in volumes in the last 24 hours and a price that is currently falling 0.6%.
Currently, the value of a BCH is $ 537, which is about 15% lower than last Sunday. This has also lowered its market capitalization, which is now just under $ 10 billion. BCH, in fact, is now ranked 11th on CoinMarketCap, having been overtaken by Cardano, Polkadot, and most recently Uniswap.
Bitcoin Cash: price predictions
As is known, the price of BCH reached a value of $ 775 earlier this year.
According to analysts, formed a "double top pattern" at this level and then collapsed by 44% at a price of $ 430 on February 28. Then on Sunday, the price had risen to $ 606, or 40% above the February low.
After reaching this peak period, the price collapsed, moving below an ascending channel and also below the moving averages that made a bearish crossover.
Although it is still too early to tell, the price appears to be forming a head and shoulders pattern, which is usually a trend reversal pattern.
In addition, according to the analyst Crispus nyaga, the price of Bitcoin Cash also appears to be in the fourth wave of the Elliott Wave, which means that based on their predictions, the price of Bitcoin Cash will likely rise more than $ 570 again to form the right shoulder.
The latest news on Bitcoin Cash
The app Signal recently announced that it has started accepting donations in 12 different cryptocurrencies, including Bitcoin Cash, as well as Bitcoin, of course, Ethereum ETH), Litecoin (LTC), Gemini Dollar (GUSD) stablecoin, Basic Attention Token (BAT), Zcash (ZEC) and Chainlink (LINK).
A week ago, 21Shares also launched a new ETP about Bitcoin Cash.
Also, to address the problem of Ethereum's rising fees, some developers have designed a side chain of Bitcoin cash which is compatible with the Ethereum Virtual Machine (EVM) so that it can be used as a kind of second layer for transactions like ERC-20. tokens.