Bitcoin Cash was spotted under heavy pressure after halving took place as it faces price crash recently. Despite month-long steady upside movement, the coin marked 10% loss over the last 30 days. However, the future would bring profit as the anticipations about improvement are ripe.
Bitcoin Cash Price Analysis
Since the year begins, Bitcoin Cash faced tremendous volatility. If we look at the price movement of BCH/USD over the last 30 days, the coin was spotted dealing at $272.99 on March 11. Over the next 2 days, the price dribbled tremendously to $129 by 52.67% decline. After this plunge, the coin improved its momentum and the price touched $181 on March 13, by 40.60% hike and locked itself at the same level till March 16. Later, Bitcoin Cash price plunged to $150 but improved to $181 within a day. Further, the currency escalated in the upcoming days. The price counters moved from $175 to $239 by 36.38%.
From this high, the BCH price dribbled to $200 by 18.23% on March 21 and then, with a slight improvement to $230, the price returned to $200 by 12.61% fall. Later, the price escalated to $230 by 13.16% hike and remained around the same level till March 27. Then, the price of Bitcoin Cash dropped to $208 and in the later days, the price escalated to $219 and it closed the month.
In April 2020, Bitcoin Cash spotted improvement in the first 3 days. The price counters moved from $219 to $242 by 10.26% hike. The price locked at the same level till April 06 and then, it improved again and reached $260 by 2.83% on the next day. Later, with a slight plunge, the BCH price improved to $277 on April 08. However, after halving took place, the coin continued to trade downwards from yesterday and the price spotted at $238.
As per the MACD indicator, the signal line and the MACD line intersected recently and formed bearish crossover. The coin has crossed the immediate support level at $250 and the next support level at $243. According to the Bitcoin Cash price forecast, the major support level at $232 is likely to be violated by the end of the day.