BCH

n Cash (BCH) Surges 22% After Falling Wedge Breakout, Could This Be the Start of a New Rally?

The cryptocurrency market is showing strong signs of recovery, with major coins like Bitcoin (BTC) and Ethereum (ETH) both surging over 5% after facing heavy sell-offs in the past two days.

The cryptocurrency market is showing strong signs of recovery, with major coins like Bitcoin (BTC) and Ethereum (ETH) both surging over 5% after facing heavy sell-offs in the past two days.

Among the notable performers is Bitcoin Cash (BCH), which has soared by 22% amid this rebound.

Bitcoin Cash Breaks Out Of Falling Wedge

$BCH has successfully broken out of a falling wedge pattern, which had been keeping its price in a downward trend for the past five weeks. This breakout, combined with a move above its 50-day moving average (50MA), signals a potential trend reversal and renewed bullish momentum.

Image: Coinmarketcap

Bitcoin Cash (BCH) Daily Chart/CoinSprobe (Source: TradingView)

Currently, BCH is trading at $377, and it could make possible a retest of the breakout level.

Currently, BCH is trading at $377, and it could make possible a retest of the breakout level.

If the momentum continues, BCH could target its next major resistance at the 200-day moving average (200MA). A successful break above this level would confirm the bullish trend, opening the door for a potential rally towards $445 and $499—representing a 32% upside from the current price.

The MACD indicator is also showing early signs of a bullish crossover, which could further fuel buying pressure and drive up BCH prices in the coming days.

Final Thoughts

As Bitcoin Cash gains momentum and breaks key resistance levels, the potential for a rally is certainly increasing.

As Bitcoin Cash gains momentum and breaks key resistance levels, the potential for a rally is certainly increasing.

If the broader market sustains its recovery and BCH manages to sustain its breakout, we could see more upside in the cryptocurrency market.

This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.