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Price Analysis

Bitcoin Cash Price Analysis: Bitcoin Cash’s Increasing Strength to Put it on Price Rally Soon

  • Bitcoin Cash (BCH) managed to grow by a small margin from yesterday.
  • The goal remains at 800 USD to 850 USD, and the next resistance point is likely to be at 421 USD.

Bitcoin Cash has time and again proved that it is as promising as the market leader, Bitcoin. The stability and the pace of growth on the part of BCH are commendable. Also, in the last 24 hours, it gained around 2 USD, with two significant price variations. Yesterday around 7:00 UTC the coin gained strength and got hiked by almost 2% in just 1 hour. However, the growth could not be sustained for long. It fell to 407 USD by 12:49 UTC and currently trading around 416 USD. The medium-term outlook is bullish for BCH. By the end of 2019, the coin may trade around 800 USD to 850 USD. We should now look at the current details of the coin to understand its growth pattern.

BCH Price Statistics-

Bitcoin Cash Price Chart - 20 June
BCH Chart by Trading View
Bitcoin Cash20th June 02:48 UTC
Rank5th
ROI (Return on Investment)-25.12%
Coin Circulation17,847,250 BCH
Market Cap7,432,546,462 USD
Value in USD416.25 USD
Value in BTC0.04487163 BTC
24h Volume1,255,721,451 USD

BCH to USD Price Comparison-

Like most of the altcoins, the initial few months of 2019 were non-performing for BCH as well. The first growth triangle was noticed around the last week of March when the coin gained 102.99% in 12 days to fall by 23.88% after a few days from Bitcoin Cash chart. But around the end of April, the coin experienced considerable growth, which helped the price to reach very high. The increase was of 93.75%, which happened over 30 days. The market cap on 20th May was 7,047,787,890 USD, and the value of each coin was 416.78 USD. The current market cap is 5.45% more than the last month’s market cap whereas the value in USD has decreased by 0.12% in the previous 30 days.

Bitcoin Cash Price Prediction-

As mentioned earlier, the coin is likely to have a bullish medium-term. The target price should be 800 USD to 850 USD. The next resistance points are 421.1966667 USD, 425.4833333 USD, and 430.7166667 USD. The support level remains at 411.6766667 USD, 406.4433333 USD, and 402.1566667 USD.

Conclusion-

It would be a prudent decision to start investing in BCH. Long-term investment may give profits over 50% of the current investment amount.

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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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