The price of Bitcoin Cash (BCH) has entered a decisive uptrend over the past week, according to Coinpedia’s latest technical analysis. BCH has surged 12% to current levels around $269, propelling it closer to the next vital resistance near $350.
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Breaking Key Barriers
This recent spike has enabled BCH bulls to finally conquer the tricky resistance zone around $260, which had thwarted previous rally attempts. Additionally, the move challenges another crucial hurdle at $285.
Crossing the latter barrier could provide more upside towards the $309 level initially. In the longer run, sustaining current momentum would ultimately pave the way to retest highs near $350 in the coming weeks.
Driving Factors
Besides overcoming key resistance levels, BCH’s rally has also triggered an ascending triangle breakout on its technical chart. This reliable bullish pattern signals considerable continuation potential for uptrends.
Additionally, the market’s current dynamics seem conducive for further BCH upside as well. Firstly, Bitcoin’s renewed uptrend and bullish momentum during its halving year appears supportive of altcoins like BCH.
Furthermore, the anticipation of the altcoin season gaining traction typically spurs outsized gains for top altcoins like BCH compared to Bitcoin. Hence, analysts eye $350 as a viable target if buying momentum holds up.
Technicals Aligning
Evaluating technical indicators also backs this bullish outlook. The MACD has shown a bullish crossover, with the MACD line moving above the signal line. This marks a definitive shift to positive momentum that can sustain the uptrend.
However, BCH’s RSI hovers in the overbought territory indicating that the token may enter the consolidation phase soon. Hence, investors should Keenly observe BCH’s market trajectory.
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Show more +Hence, Coinpedia remains optimistic about BCH’s prospects following its ascending triangle breakout. With strong fundamentals and technical factors aligned, BCH seems on track to retest its high of around $350 soon.
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