Bitcoin Cash has been under pressure in recent days, marking a 35% drop in volumes over the past 24 hours and a price that is currently dropping by 2%.
Currently, the value of a BCH is $524, which is about 15% lower than last Sunday. This has also decreased its market capitalization, which is now just under $10 billion. BCH, in fact, now sits in 11th place on CoinMarketCap, having been overtaken by Cardano, Polkadot and most recently by Uniswap.
Bitcoin Cash: price predictions
As it is known, the price of BCH reached a value of $775 earlier this year.
According to analysts, it formed a “double top pattern” at this level and then collapsed by 44% to a price of $430 on February 28th. Then on Sunday, the price had risen to $606, or 40% above the February low.
After reaching this period high, the price had then 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 seems to be forming a head and shoulders pattern, which is usually a trend reversal pattern.
Furthermore, according to analyst Crispus Nyaga, the price of Bitcoin Cash also appears to be in the fourth wave of Elliott Wave, which means that according to his predictions, the price of Bitcoin Cash will probably resume rising over $570 to form the right shoulder.
The latest news on Bitcoin Cash
The Signal app recently announced that it has started accepting 12 different cryptocurrencies including Bitcoin Cash, as well as Bitcoin of course, Ethereum ETH), Litecoin (LTC), the stablecoin Gemini Dollar (GUSD), Basic Attention Token (BAT), Zcash (ZEC) and Chainlink (LINK).
A week ago, a new ETP on Bitcoin Cash was also launched by 21Shares.
In addition, to address the problem of Ethereum’s rising fees, some developers have designed a Bitcoin Cash sidechain that is compatible with the Ethereum Virtual Machine (EVM) so that it can be used as a kind of second layer for transactions such as ERC-20 tokens.