Understanding the Challenges and Future of BCH Coin Amidst Market Fluctuations
This year started off well for BCH but it couldn’t sustain the momentum. Certainly, there was a reason for this. We saw a decrease in investor interest as a result of being excluded by EDX Markets. So, what do technical readings and current data tell us about the future of the price? Can BCH Coin return to its former glory?
BCH Coin Commentary
On June 30, EDX Markets commenced operations with a limited selection of cryptocurrencies, which was backed by trillion-dollar giants like Fidelity and generated great excitement. The official start of BCH Coin support also helped the price to experience rapid rises during the same period, reaching up to $329. However, after the delisting announcement by EDX, we saw the interest quickly decline.
The Bitcoin fork, an altcoin, broke the 600-day trend line with the support of EDX Markets, and on October 23, it marked a lower high, signaling a continuation of the decline. In the long run, we can expect from a fork token that has proven to be a failure years ago, lost interest, and exhausted hopes, exactly what one would expect.
Months ago, Vitalik Buterin said that BCH and BSV were complete disappointments. This statement, which destroyed long-term optimism, was followed by EDX Markets delisting it, which was just a confirmation of what was already known.
BCH Coin Analysis
The weekly chart shows a clear downtrend and the price, breaking away from the rising parallel channel, could suffer greater losses. This bearish setup not only invalidates the previous upward movement but also dampens the hopes of investors for the medium and long term.
While fundamental analysis clearly anticipates a decline, the technicals supporting this is concerning for investors. At the time of preparing this article, <a href=”http://en.coin-turk.com/bitcoins-next-move-analyst-predicts-btc-will-reach-30000/”>BTC was finding buyers at $37,737 while the BCH price was at $222.
The daily RSI reinforces the bearish outlook. However, the analyst known as TyDigital expects a recovery in price despite all indicators suggesting otherwise.
“The price macroscopically doubled and seems to be forming a bull flag in the medium-term timeframe. If it drops to around $150, we might see strong demand there.”
If the current readings yield the correct results, we should soon see the price retracting to the $180 horizontal support area. However, the crypto world is full of surprises, and even the most hopeless tokens have been seen to experience speculative rises. This should be kept in mind by those confidently considering short selling BCH Coin.