It has been a while since people last got excited about Bitcoin Cash. Now that the hash war with Bitcoin SV is fully over, it seems things are going back to normal. This also means the Bitcoin Cass price still has a long road to recovery ahead in the months and years to come. Today’s gains show there is some positive momentum brewing, for the time being.
Hopeful Bitcoin Cash Price Surge Emerges
After facing a serious beating throughout 2018, Bitcoin Cash has not been the same ever since. Not only did the coin lose a lot of value, but the fight with Bitcoin SV also caused a lot of problems along the way. It now seems most of those issues are in the past where they belong and the time has come to look toward the future. What that future will hold for BCH, is a different matter altogether.
Over the past 24 hours, there has been a minor increase in the Bitcoin Cash value. A 3.1% gain in USD value and a 3.7% increase in BCH/BTC show this altcoin is far from dead. All of this is happening with just under $285m in trading volume, which is more than respectable. Due to these increases, one BCH is valued at $133.68 or 0.0372 BTC again. An interesting trend, although some holders would have expected much bigger things from this altcoin.
The value of any cryptocurrency network can be determined by the rate at which development occurs. In the case of Bitcoin Cash, it would appear several improvement proposals are currently under review or being worked on. All of these changes can introduce some positive changes to the ecosystem as a whole. This also confirms there is a genuine interest in making the project more versatile.
— Bitcoin Cash (BCH) News (@BitcoinBCHNews) January 23, 2019
When looking at the current price momentum, one has to acknowledge things can easily swing either way over the coming hours. Crypto Tone Loc is convinced there may be a very bullish short-term trend, assuming the market doesn’t collapse entirely in the next few hours. A rather hopeful outlook, as no uptrend has been sustained in any market for quite some time now.
— Crypto Tone Loc (@Cryptone7) January 23, 2019
Crypto Beri is also looking at the current BCH price, although this user identifies some interesting levels. The main question is whether or not the support in BCH/BTC will hold near the current levels, as that could yield a push to the 0.039 range in the near future. If the support is tested, however, things may not necessarily look all that great.
i. Brokeout of the downtrend channel, volume kicked in
ii. Local support establishing im 360-363 levels.
iii. Might go for a attempt towards major resistance of 387-391 range.#bchsv #bchabc #BitcoinCash #Bitcoin #Blockchain #Binance #btc #trader #giveaway #airdrop pic.twitter.com/WENkuYICNo
— Crypto Beri⚡ (@CryptoBeri) January 23, 2019
All things considered, this positive momentum seems to be on rather shaky legs. That is not just a problem for Bitcoin Cash, as it affects all other markets in a very similar manner. Until Bitcoin breaks out in bullish fashion, the other currencies will not see any sustainable gains either. That means the value per Bitcoin Cash may very well head back to $130 and lower in the very near future.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.