Defying market odds, BCH posted more gains monthly and continued to show strength after rebounding from a key support line. While several altcoins have constantly fallen in the past month, it remains bullish.
Since the price picked up from the first quarter correction in April, BCH saw a significant recovery from the dip and almost doubled its price after two months of consistent increase. However, it underwent a short pullback and bounced back following a positive market sentiment.
That bounce came after retesting an ascending trendline as support in the first week. As shown on the daily chart, it currently looks highly bullish on the short-term scale, although the buying pressure has slowed down a bit in the past few hours due to a significant drop in the volume inflow.
This insufficient volume inflow has brought a rejection in the last two days, and as we can see, trading volatility looks low with choppy price actions. More rejections under $500, which is considered as the yearly high, could bring some setback in the bullish move before rising back.
Even though that occurs, the ascending trendline is expected to provide a rebound. Losing this trendline could fuel a big drop capable of bringing the bears back in the market. Right now, the bulls are still in control.
BCH’s Key Levels To Watch
Source: Tradingview
While BCH’s price remains strong monthly amid current drops, it trades near a key resistance level of $500. A break above it could see us to the minor $557 resistance before tapping the $600 level.
If the price drops, the $420 and $400 level could produce a bounce. The support levels to watch for tests are $378, $349.2 and $314 in case of breakdown.
Key Resistance Levels: $500, $557, $600
Key Support Levels: $378, $349.2, $314
- Spot Price: $465
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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