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:
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%.
According to BCH Forecast, 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.
