Bitcoin Cash Price Analysis: BCH price reaches $351.01; Will it maintain its efficiency or fall?

BCH started off at $318.58 on the 1-Aug-19 post which it has shown slow signs of an upward rise. Despite the fall in price the next day, Bitcoin Cash saw a sharp rise and reached as high as $345.32 on 3-Aug-19 at 02:25 UTC. For the next two days, the prices were reflecting a bearish trend for most of the time. Since yesterday, BCH seems to be picked up its pace and has risen to $351.01 today. However, if we observe the movement of the BCH coin, the coin has been showing an uneven movement with several rises and falls. It has not been able to maintain a consistent bullish run. It may start to show signs of a downward movement slowly from the latter part of the day today.

Let us look at how Bitcoin Cash has been performing over the past 5 days:

BCH Price Prediction
BCH Price Chart by TradingView

Current Statistics of BCH:

  • Market Cap was at 6,242,057,874 at 08:24 UTC.
  • BCH price is $351.01 at 08:43 UTC.
  • 24-hour volume figure is $1,701,534,148
  • 17,932,288 BCH coins are being traded.
  • ROI stands at -37.32%.

Bitcoin Cash Price Prediction:

If we compare the price of the coin since the beginning of this month when it was valued at $318.58 at 06:50 UTC and the present Bitcoin Cash Value, the coin indicates a bullish run by 10%.

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However, we believe that Bitcoin Cash may not be able to maintain its current efficiency and may slowly start to recede downwards. It may reach its support level of $346.89 by the end of the day tomorrow. We believe that BCH may rise to greater heights by the time the year ends.

Conclusion:

It is advisable to trade in BCH from a long-term basis with a minimum of 5 and more years as short-term trading on the coin may not yield the desired profits. Bitcoin Cash has a great future ahead, and the best is yet to come for the coin.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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