Bitcoin Cash is Going to Zero as BCH Price Plummets 12% But Eco-Friendly BTC20 May Be the Next Crypto to Explode – How to Buy Early?
Bitcoin Cash (BCH) has seen a brief comeback in recent weeks following more than a year of rock-bottom price action, but a struggling chart structure could see BCH heading for zero in the near future.
Originally created as a fork of Bitcoin in 2017, the result of divisions over the notorious BIP91 segregated witness (SegWit) upgrade - which opened the door to layer-2 solutions like the Lightning upgrade.
With the aim of enabling larger blocks in the blockchain, Bitcoin Cash broke away as the first of the Bitcoin forks, and has emerged as a cult altcoin ever since.
But in recent years since the tumultuous end of the 2021 bull run, price action has seen rock-bottom action, following a dramatic -87% cascade that left BCH trading around $90.
Yet a few weeks ago on June 19, a surprise recovery rally was ignited, fuelling BCH community hopes as price action rocketed up 200%.
But it seems the recovery has been short-lived, seemingly topping out at $330 on June 1.
Following the impressive recovery rally, which saw BCH push high - breaking through resistance from the 20DMA and 200DMA, price action has taken a turn for the worse.
As of today, BCH is currently trading at $236.5 (a 24 hour change of -2.23%).
This comes amid an emerging cascade, which has seen BCH bleed-out -29% in just 20 days.
Worse still, BCH failed to find much needed support from the ascending 20DMA - which gave way on July 14.
With little to provide local support, BCH seems set on a collision-course down towards the 200DMA (currently at $140).
BCH holder optimism is now pinned to the nearest lower support zone between $150-190 (based on historical data).
Little solace is to be found in BCH indicators either, with the RSI still loosely on the fence at 48 (likely needing to
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