The cryptocurrency market as a whole has been fluctuating in red and green charts over the past few days. The price charts of major assets are printed in red, with Bitcoin and Ethereum oscillating around $104,000 and $2,500, respectively. Notably, the overall value of the fear and greed index stands at 48, indicating a neutral sentiment.
Meanwhile, Bitcoin Cash (BCH) has recently broken through critical resistance zones between $459.55 and $498.47, reaching a daily high of $500.11 from a low of $458.05. At the time of writing, Bitcoin Cash is trading in the range of $491.31 after a jump of more than 5.93%.
The market capitalization of BCH reached $9.76 billion, and the daily trading volume increased by 94.97%, reaching $764 million. Additionally, the market witnessed the liquidation of BCH amounting to $774.70 thousand, according to Coinglass data.
The weekly price chart of Bitcoin Cash recorded a growth of more than 20.72%, marking the asset's minimum in the range of $405. Later, the bullish team pushed it to the current trading level.
Is a larger breakout coming for Bitcoin Cash?
A positive breakout for Bitcoin Cash could push the price higher and likely test key resistance in the range of $500. Further upward correction would prompt bulls to initiate the formation of a golden cross, which could support the price movement towards reaching $511.30.
Conversely, if the asset fails to overcome key resistance, it will likely enter a consolidation phase, which may lead to a price drop to the level of $480. If bears trigger the emergence of a death cross, the price of Bitcoin Cash could sharply decline to its previous lows.
Technical analysis of the BCH chart indicates positive momentum with the crossing of the moving average convergence divergence line above the signal line. This crossing typically indicates that the asset is in a bullish phase with the potential for increasing price action. Moreover, the Chaikin Money Flow (CMF) of the asset is at 0.10, indicating that capital is moving into the asset and suggesting moderate buying pressure with a cautious bullish sentiment.
Furthermore, the daily Relative Strength Index (RSI) of Bitcoin Cash is at 64.16, indicating that the asset is gaining strength and may be approaching overbought territory. The Bull Bear Power (BBP) value of the asset, at 27, signals that bulls currently dominate and are pushing prices higher.
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