BCH Price Teases A Breakout Rally To $300 To End 2023!

The post BCH Price Teases A Breakout Rally To $300 To End 2023! appeared first on Coinpedia Fintech News

With the markets overflowing with buyers’ interest, the altcoins are gaining momentum as Bitcoin crosses $40K over the weekend. As a hard fork to Bitcoin, BCH price takes a direct influence to regain bullish momentum. 

Teasing a bullish break in the daily chart, Bitcoin Cash price is ready to recover the lost level of $300 and teases a new upside run. With sideline traders anticipating a new breakout run, BCH price prediction teases a bullish ending to 2023.

Source – Tradingview

Outperforming Bitcoin with a minor lead in 2023, the BCH price is ready to prolong the ongoing uptrend to end 2023 on higher levels. With a year-to-day growth of 156%, the Bitcoin Cash price trend teases a symmetrical triangle breakout in the daily chart.

THe ongoing recovery rally from the ascending baseline accounts for a 12.32% jump and currently trades at $249.19. Further, the intraday growth of 8.27%, the bullish engulfing candle takes shape to challenge the overhead trendline. 

In confluence to the overhead trendline, the psychological barrier of $250 plays a crucial role in price chart. In case the buyers manage to assert dominance over the $250, the chances of a breakout rally will improve significantly for Bitcoin Cash.

Technical indicators:

RSI Indicator: The daily RSI line shoots beyond the 14-day SMA and enters the overbought boundary with the present spike. This reflects a strong bullish plan in motion ready for a long-term trend and teases a breakout rally. 

MACD: The bullish crossover in the MACD and signal lines supports the trend reversal possibility in BCH price.

Will BCH Price Reach $300?

With the entire cryptocurrency market abuzz with anticipation for a Bitcoin Spot ETF, the price of Bitcoin is poised to surge. As a close cousin of Bitcoin, the price of BCH is expected to receive a boost following the ETF’s approval.

Moreover, there are increased chances of a positive turnaround with the bullish breakout of the triangle pattern. Therefore, if the BCH price exceeds $250, the triangle breakout trend can reach $300. 

On the opposite end, a reversal might plunge the Bitcoin Cash prices to $200.