The Bitcoin Cash price has been on a bullish consolidation for the past month. However, it is trading more than 60% below its highest level this year.
Bitcoin Cash Analysis
At the time of writing, it was trading 0.55% higher at $640.80. Its current total market capitalization stands at $12 billion. It ranks as the 12th largest cryptocurrency, sandwiched between Uniswap and Binance USD.
Its average daily trading volume is trading 7.65% higher at $2.85 billion. The Bitcoin Cash price has jumped more than 61% in the past month. Investors have linked its price rise to the surge in Bitcoin’s price.
For the past month, Bitcoin’s price has jumped more than 55%. On Friday, the crypto market leader jumped 7.66% to $48,127. It boosted the price of many altcoins, including Bitcoin Cash, which jumped 7.96%. Due to its close correlation to other digital currencies, most altcoins also rallied on the same day.
According to some investors, the rise in BCH’s price is related to the overall rally of the crypto market. According to data published by CoinMarketCap on Monday, the cryptocurrency market topped $2 trillion over the weekend following Bitcoin’s rise. It was the highest level reached in three months.
Bitcoin Cash Price Outlook
The Bitcoin Cash price has managed to remain above the crucial level at $600. It hit an intraday low at $619.72 before bouncing back.
On the four-hour chart, it is trading below the 25 and 50-day exponential moving averages, hinting at a bearish outlook. Its Relative Strength Index has been on a decline. At 40, its RSI is closer to the oversold region.
Analysts expect the coin to undergo a minor retracement before resuming its bullish trajectory. Bulls need to gather momentum to push the price past the critical level at $700. If this happens, the next target will be the resistance level at $750. However, a move below the 50-day EMA will invalidate this view.