After a torrid start to March, Bitcoin Cash (BCH) has started to rebound. The coin in fact surged above the crucial psychological mark of $300. But how far can these gains last? Will BCH touch on $375 in the near term? Here are some highlights.
The general trend for BCH has largely been downward over the last few months.
The coin remains slightly above its 20 Day Exponential moving average.
At press time, BCH was trading at $302, up about 7% in 24 hours.
Data Source: Tradingview
Bitcoin Cash (BCH) – is $375 likely?
There is a lot of uncertainty in the market right now, given the fallout from the Russian invasion of Ukraine. It’s safe to assume that not everything is priced into the market since we don’t really know what will happen next. What we can expect though is increased volatility around crypto and BCH is not any different.
However, we do not see enough upside for BCH to reach the heights of $375, at least not now. In fact, it is likely that the coin will surge towards its supply zone of between $319 and $326 before falling again.
BCH has already lost nearly 64% of its value in less than 3 months. It even hit a 15-month low of $275 in January this year. This downtrend has not broken, and despite the recent surge, we expect more weakness for BCH in the coming days.
Why buy Bitcoin Cash (BCH)
As one of the leading peer-to-peer electronic payment coins, there is a lot of utility for BCH. When crypto becomes highly integrated into global payment systems, BCH is likely to lead the way in this.
From a fundamental point of view, it is one of the best coins to invest in simply because of the underlying value that it offers. The fact that right now it’s selling cheap should give you more incentive.