Bitcoin Cash is Going to Zero as BCH Price Drops 10% and This New XRP Coin is Approaching $1 Million – How Does it Work?
Despite more than a month of serious downside price moves, Bitcoin Cash (BCH) has undertaken a magnificent +8.5% rally as holders attempt to trigger a consolidation level.
This comes following a -27% retracement for the leading altcoin since June 30, triggered by rejection from resistance from a local high at $325.
The attempted recovery has left Bitcoin Cash trading strong at a current price of $240.70 (a 24-hour change of +7.85%).
In the aftermath of a troubled week for price action, which saw BCH reject -11% from an attempted consolidation above the descending 20DMA, the +8.5% rally has been a strong display by holders.
With the well-defended move staging BCH price to once again attempt consolidation above the critical 20DMA support level.
And to the relief of many, despite the downside slide, BCH is still trading high above the slowly ascending 200DMA, which provides a lower support level around $150.
Bitcoin Cash receives little encouragement from its indicators, with the RSI sat on the fence displaying a neutral signal at 51.48, and the MACD displaying bearish divergence at -2.4.
The move to consolidate leaves Bitcoin Cash with a surprisingly strong risk: reward profile at 1.63, with upside potential still targeting a move to local high at $325 (+34.7%).
Downside risk remains resolute at lower support around $190 (-21.3%) for the hard fork project.
Yet, while BCH holders are mounting a hard-fought consolidation level, smart money has shifted focus to an emerging market growing around the launch of updated and improved big tokens.
XRP20, a distinctive proof of stake Ethereum token. XRP20 is engineered to emulate the philosophy and tokenomics of Ripple (XRP), but with a particular focus on retail investors.
Despite drawing on
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