The cryptocurrency market experiences positive sentiments as Bitcoin nears $100K after topping $97K.
Amidst the bullish trends, Bitcoin Cash (BCH) surpassed the $10 billion market cap after significant 24-hour surges.
The upward trend triggered speculations about the potential for BCH price in the coming sessions.
Specifically, the altcoin targets a breakout past the vital resistance at $536, which would see the token flying to new all-time highs.
Nonetheless, Bitcoin Cash should respect specific levels to support the anticipated breakout.
BCH eyes massive breakouts
As the altcoin paints its charts green, an anticipated price upswing above the nearest hurdles could welcome a more noticeable bullish surge.
Continued optimism might propel Bitcoin Cash to the crucial resistance zone at $536 – an 11% surge from current prices of $484.
Surpassing $536 will potentially renew buyer interest and catalyze optimistic performance to new ATHs.
Contrarily, a sudden bearish spike would bring BCH to the support zone at $424 – $403.
Failure to defend this barrier would call the lows at $364 – a 33% slide from prevailing prices.
What technical indicators say
While BCH exhibits robust bullish strength, technical indicators display mixed signals for the asset’s near-term performance.
Firstly, the Average Directional Index, which gauges momentum, jumped from 12 to 19.40 within the past day, signaling improving strength.
Nonetheless, ADX still sways beneath the vital 25, indicating a weak upside trend.
Meanwhile, the Relative Strength Index at 65 reflects an unwavering bullish strength for Bitcoin Cash.
However, a dip from the overbought region suggests cooling buying pressure. Thus, BCH’s current trajectory calls for caution.
Nonetheless, broad market sentiments and investor enthusiasm will determine Bitcoin Cash’s trajectory in the upcoming sessions.
Analysts remain optimistic about cryptocurrencies as Bitcoin stares at the $100K milestone.
Market expert Michael van de Poppe forecasts a flash crash that will trigger significant downsides in the altcoin space.
However, the predicted dip could present a lucrative buying opportunity for discount enthusiasts before “a multi-month altseason.”
An alt season is a period where altcoins outperform BTC with massive margins.
The narrative gained attention today as Ethereum’s 7% 24-hour increase outshined Bitcoin’s 2%.
Furthermore, the Crypto Fear and Greed Index maintains “extreme greed,” confirming bullishness within the cryptocurrency space.
That supports projections that cryptocurrencies will maintain the prevailing upwards and hit more all-time highs in the coming months.
In conclusion, BCH’s latest upswing past the $ 10 billion market cap amidst improving technical indicators suggests a potential breakout.
Maintaining the current momentum could push the alt to the resistance at $536. A breakout from this zone would trigger remarkable rallies.
Nonetheless, mixed technicals suggest potential retracements for Bitcoin Cash (in the near term) before explosive uptrends.
Thus, BCH investors should monitor crucial developments in the market and technical indicators to understand the alt’s price movements.
The post Bitcoin Cash (BCH) poised for breakout as it surpasses $10B market cap appeared first on Invezz
