Bitcoin Cash (BCH) Continues Its Upward Trend: Focus on $490 Resistance
Bitcoin Cash (BCH) continues its strong price movement from recent weeks. The altcoin recorded a 3% increase in value over the last 24-hour period and is leading the upward wave in the market. Increasing investor interest and positive technical indicators suggest that the upward momentum may continue.
BCH Surpasses Resistance Levels – Trend Remains Strong
BCH is currently trading around $476.28 and continues its multi-week rising streak. The altcoin's consistent formation of higher lows and highs since April 7 confirms a healthy upward trend in technical terms.
The price is trading above the Ichimoku Cloud's Leading Span A and Span B lines. This indicates that there is a strong buyer dominance in the market. Price movements that remain above the cloud support investors' positive expectations and create strong support areas in potential pullbacks. Currently, these support levels are positioned at $435.65 and $413.30, respectively.
Futures Also Support Bulls
The positive funding rate also confirms the bullish outlook. As of the time this writing, the rate is at 0.0006. This indicates that long positions are prominent in the futures market and investors are expecting upward movement. A positive funding rate signals that bullish market conditions are dominant.
Critical $490 Resistance: Is the New Target $556?
From a technical perspective, BCH is currently trading near a significant resistance threshold at $490.89. Breaking this level could initiate a new upward trend that could drive the price up to $556.60. Particularly, this breakout means a retest of the last peak level reached in December 2023.
However, if profit-taking comes into play, the bullish scenario may weaken. In this case, the first support level to watch will be $444.74. If this level cannot be maintained, the price may pull back to the Ichimoku Cloud's Leading Span A line, which is approximately $435.65.
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