Bitcoin Cash (BCH) price has increased more than 10% over the past 24 hours, surpassing the $10 billion market capitalization, showing new positive momentum. The recent increase has brought BCH closer to key resistance levels, suggesting the potential for further upside if the trend maintains strength.
However, indicators such as RSI and ADX show that although the trend is improving, it is still not completely strong. Whether BCH maintains its bullish momentum will depend on how it overcomes key resistance and support levels in the coming days.
BCH’s Current Uptrend Is Strengthening
Currently, BCH has ADX at 19.31, up from 12 just a day before. This increase shows that the strength of the trend is gradually regaining momentum after a period of weakness.
However, as ADX is still below 25, this shows that the uptrend has not yet reached a strong level or remained stable.
ADX measures the strength of a trend, with values above 25 indicating a strong trend and below 20 indicating weakness or uncertainty. Although Bitcoin Cash is currently in an uptrend, the ADX at 19.31 shows that the trend is still in the early stages of consolidating strength.
If ADX continues to rise and exceeds 25, this could confirm a stronger uptrend, but for now, Bitcoin Cash price movement remains cautious, with space for further growth.
Bitcoin Cash Has Exited Overbought Zone
Bitcoin Cash currently has an RSI at 64.5, down from above 70 just a day before. This decrease shows that while the asset is still experiencing positive momentum, buying pressure has begun to ease.
A drop below 70 takes BCH out of overbought territory, suggesting a more balanced market sentiment.
RSI measures the speed and amplitude of price movements, with values above 70 indicating overbought conditions and below 30 signaling oversold levels. At 64.5, BCH remains in positive territory, supporting the current uptrend.
However, a slight decline in RSI could mean that the price increase is slowing down, which could lead to a correction in BCH price before the next increase.
BCH Price Forecast: Will There Be A New Increase Coming?
If BCH maintains its current trend and gains more momentum, it could continue to rise after climbing more than 10% in the past 24 hours.
This strength could push BCH price to challenge the resistance level at 536.9 USD. A break above this level would signal a continuation of the bullish momentum and could attract further buying interest.
Conversely, if the uptrend fades and reverses, BCH price could return to test the nearest supports at $424 and $403. If these supports fail to hold, the price could fall deeper to $364, representing a potential 27% correction.