Bitcoin Cash Price Analysis: Is BCH Stability A Sign Of Maturity Or Trouble Ahead? Tuesday, October 30th
Bitcoin Cash Price Analysis- Is Bitcoin Cash’s Stability A Sign Of Maturity Or Trouble Ahead?
As rare as it is, Bitcoin Cash has managed not to change its position in the slightest, in the last 24 hours. This is rare in the cryptocurrency market and especially after a dramatic fall in the last 48 hours. This occurrence has led to speculation and the big question in every holder’s mind is- Is the market showing signs of maturity or trouble in the coming days.
In the last 24 hours, despite prices rising as high as $420, it seems prices will close the day, right where they started. For a couple of hours, the bulls fought to push prices up but met resistance at the $420 position. Shortly after, they lost both $418 and $417 and ended right back at $416.
BCH/USD Price Chart, Tuesday October 30th:
While some might panic and think that this spells trouble for the coin, some are being consoled by the fact that trading volumes have remained stable and unaffected by the sideways action. At the time of press, the last 24 hours have seen the market trade Bitcoin Cash worth $226,131,064.
During the same time, its bigger brother, Bitcoin, has seen a 0.12% price drop in the last 24 hours and its trading volume stands at $3,741,416,388. However, it is important to note that Bitcoin has a market cap of $109,646,041,500 with Bitcoin Cash only standing at $7,262,685,159, making the low volume by Bitcoin Cash excusable.
The next couple of hours will be important for the bulls who will have to ensure that although they have found resistance, the bears don’t drag prices lower than $416. Since October 12, Bitcoin Cash has been stuck in sideways action and the bulls will have to continue to hold out and ensure bears don’t pull prices down. With a bit of luck, some good news might spark a bullish rally and finally, Bitcoin Cash can soar.
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