Bitcoin Cash has emerged as one of the top-performing cryptos today, rallying over 4.38% to $500.36. This price surge comes amid a strong bullish wave, which has pushed BCH’s market cap to $9.93 billion and daily trading volume up by 22.01% to $635.68 million. With technical indicators aligning and on-chain activity shifting, the trend appears to be favoring buyers in the short term. Curious enough? Join me, as I decode the possible short term Bitcoin Cash price targets in this analysis.
On-Chain Data Gives Mixed Signals?
The on-chain metrics present a mixed but an intriguing picture. According to Santiment data, the number of active addresses in the past 24 hours has seen a consistent uptick from June 19 to June 21. This signals increasing user participation and growing interest in the BCH network. However, this positive development is contrasted by a steep drop in transaction count, which plummeted dramatically on June 21.
This divergence may suggest that although more unique users are interacting with the network, the number of actual transactions per address has decreased. Which I believe could be possibly due to fewer transfers per wallet or larger-value transactions being consolidated. Such behavior can occur during accumulation phases, where users prepare for a move rather than engaging in frequent trades.
Bitcoin Cash (BCH) Price Analysis:
Bitcoin Cash has broken out toward the upper band of an ascending channel, closing at $504.8 with a daily gain of 4.56%. The candlestick shows a strong buying wick from the $481.5 low, suggesting bulls are defending lower levels aggressively. Currently, BCH is trading above both the middle and upper bands of the Bollinger Bands, which is a sign of continued bullish pressure.
The 20-day SMA sits at $453, which is well below the current price. If momentum continues, the next resistance lies at $525, the upper edge of the channel. On the downside, $478 acts as a crucial support, aligned with the previous consolidation zone and lower channel boundary.
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FAQs
Bitcoin Cash is rallying due to increased market interest, higher volume, and bullish technical patterns.
With BCH trading near $504 and RSI nearing overbought, a breakout above $525 could confirm continuation. However, a drop to $478 could be on the cards.
The price of 1 BCH token at the time of publication is $500.36, with an intraday gain of 4.38%.
