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Bitcoin Cash (BCH) has been on a bullish ride in the last 30 days as the asset looks to retest the $600 price level. The asset’s technical indicators suggest that BCH could rally toward this target as a golden cross has been confirmed on the hourly chart.
Golden cross signals bullish momentum for BCH
According to data, the golden crossover occurred as Bitcoin Cash’s nine-day moving average surged above the 26-day moving average. This notable technical event signals bullish momentum for the asset, particularly as it comes with a spike in volume.
The chart indicates BCH’s price could find stability at $567.78, riding on this wave of bullish sentiments.
In the last 24 hours, Bitcoin Cash climbed from a low of $535.38 to an intraday high of $572.53. As of this writing, BCH is trading at $560.46, representing a 2.66% increase within the time frame.
There has also been a massive uptick in investor interest as trading volume soared by 40.65% to $449.91 million. This suggests that market participants remain bullish and anticipate further price increases. How high the asset’s price could climb remains of interest to investors.
If the technical breakout signals hold amid the RSI reading of 59, Bitcoin Cash might ride the wave to flip $600 and land between $604 and $607. However, failure to sustain the momentum might see the price crash to $540.
Bitcoin Cash widens market cap lead over SHIB
Worthy of mention is that Bitcoin Cash has recorded significant growth in the past 40 days.
Earlier in July, Shiba Inu (SHIB) was in a market rivalry with BCH in terms of market capitalization. As of then, Bitcoin Cash was ranked 17th-largest crypto asset by market cap with $10.34 while SHIB was 18th with $8.93 billion.
Currently, BCH is ranked 15th with a market cap of $11.26 billion, creating a wide margin away from SHIB, which sits at the 23rd position valued at $7.19 billion.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team