BCH surged to $500! Can it go higher? Target closely at $525!

Bitcoin Cash suddenly gained momentum, breaking through the $500 mark with a daily surge of 4.38%, reaching $504.8, standing at the forefront of the short-term trend.

This wave of increase was well-supported by trading volume, with daily trading volume skyrocketing by 22%, and the market capitalization approaching $10 billion. From a technical perspective, the candlestick broke through the upper boundary of the ascending channel, indicating strong momentum; while the 20-day moving average has long been left behind, showing a strong trend.

However, don't just focus on the rise—on-chain data has given a somewhat "thought-provoking" signal:

The number of active addresses has increased, indicating that interest is returning; but the number of transactions has declined, which could mean large holders are quietly accumulating, or retail investors are starting to hold back.

Next, pay close attention to two key levels:

The upper resistance level is at $525; a breakthrough indicates true strong momentum.

The lower support level is at $478; if it falls back below that, today's surge will turn out to be a false move.

Is BCH about to take off, or is it just a firework display?

Share your thoughts in the comments; will you chase this position?