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The popular cryptocurrency had entered a rapid recovery phase in June with the support of trillion-dollar giants. Investors were shocked when EDX Markets, supported by Citadel Securities, Fidelity Digital Assets, Charles Schwab Corporation, Virtu Financial, and Sequoia, withdrew its support for BCH Coin months later. Has the hope of rising ended after the development that pushed the BCH Coin price to the bottom, triggering the price drop?
BCH Coin Review
The altcoin, once famous for its four-digit price, now faces the risk of falling below $200. The Bitcoin fork altcoin, which cannot overcome the tough $270 resistance, may make deeper bottoms. The price, which retreated to $210 with the last BTC drop, showed everyone how risky panic sales are after the Asian markets opened today.
The price, which maintains $250, is now at $234 due to the effect of BTC losses. The price, which lingers at the 50-day EMA, found support here for now. However, if there are closures below, a drop to $200 could be seen.
In the four-hour chart, there is a golden cross indicating a short-term rise. However, MACD is negative, and as long as the price cannot exceed $245, it will continue to linger in the risky area.
How Much Will BCH Coin Be?
The Golden Ratio resistance level of BCH is $270, and in this scenario, it can rise up to $329. If BTC is going to make a deeper correction, it can make one last peak attempt after Wednesday to gather more liquidity for profit sales.
This has the potential to trigger speculative rises in altcoins. If we are going to see a speculative rise on the BCH Coin front, it is likely that the whales evaluating the bottom will push the price above $270.
The speculative rise scenario talks about a recovery beyond BTC gains. So, what is the latest situation in BTC parity? Currently, the 0.0062 BTC support has broken downwards. At the moment, the price is struggling to find support in the range of approximately 0.00497 BTC to 0.0059 BTC.
Since the broken support area has turned into resistance, the expected speculative rise increases the importance of BTC parity. Investors can become more hopeful for the journey to $329 after the old support new resistance level of 0.0062 BTC is exceeded.
