Is Bitcoin Cash Going to Zero? BCH Price Plummets 7.7% as New Bitcoin Startup Surges Past $300,000
Bitcoin Cash (BCH) has been treading a downward path since its brief surge in August.
After an 18% leap on August 29, BCH has been unable to keep the rhythm, falling below significant EMAs and retreating back to the trading range it has seen since August 17.
BCH Price Prediction and Technical Analysis: Marching to a Bearish Drumbeat
BCH's 20-day EMA is currently $199.5, a beat ahead of the current price of $192. Additionally, the 50-day and 100-day EMAs, at $207.7 and $199 respectively, stand as dynamic resistances, towering over the present price level.
BCH's position beneath these pivotal EMAs, particularly the long-term 100-day EMA, sets a bearish tempo for the cryptocurrency. The potential bearish crossover of the 20 and 50-day EMAs with the 100-day EMA amplifies this bearish stance.
BCH's Relative Strength Index (RSI) currently reads 42.07, dropping a beat from the previous day's 43.02. This drop in the RSI indicates an increase in selling activity.
The MACD histogram has also stepped down to 0.5 from the previous day's 0.6. This descending trend in the MACD histogram signifies the increasing dominance of the bears.
BCH's Tempo Change in Market Cap and Trading Volume
Despite the bearish indicators, there has been a minor uptick in BCH's market cap and trading volume.
The market cap has grown by 0.57% to reach $3.7 billion, and the 24-hour trading volume has seen a substantial increase of 64.95%, reaching $171.6 million.
This could indicate a growing interest and trading activity as BCH approaches important support levels.
Navigating BCH's Resistance and Support Levels
On the road ahead, BCH encounters immediate resistance at the 100-day and 20-day EMAs of $199 and $199.5.
Venturing beyond, the horizontal resistance zone of $205 to $215.8 casts a long shadow, especially with its overlap at the 50-day EMA of $207.7.
Conversely, BCH finds immediate support at the horizontal support zone of $177.1 to $184.4, a bridge in sync with the Fib 0.618 level at $181.4. Given the swelling bearish sentiment, a breakdown from this support zone seems more than just a pit stop.
If this happens, the next support area is from $144.3 to $149, which is also very close to the Fib 0.786 level of $141.3.
The technical indicators for Bitcoin Cash are signaling a bearish trend for the immediate future.
Investors are advised to closely monitor these market patterns, looking out for potential falls below key support levels and staying aware of the dynamic resistances above BCH's price.
While Bitcoin Cash struggles with declining prices and bearish indicators, a new Bitcoin startup called Bitcoin BSC is surging in popularity for its staking rewards feature.
Bitcoin BSC offers token holders the ability to earn rewards over time through staking, attracting over $300,000 in its presale so far.
Bitcoin BSC: The Future of Token Staking?
Bitcoin BSC has caught attention for its feature that allows token holders to gain rewards through staking. The $BTCBSC presale has already raised more than $300,000 in just 4 days.
The tokens are based on the BNB Smart Chain, and they offer payouts in line with Bitcoin's block confirmations over a projected 120-year period.
Bitcoin BSC has the same total token supply as Bitcoin---21 million. Roughly 69% of these tokens are designated for distribution as rewards.
Simply put, you can earn rewards based on the number of tokens you put into a staking smart contract and the length of time you decide to keep them there.
Why Consider Staking Bitcoin BSC?
Staking has been available even before Bitcoin BSC made its appearance on the decentralized exchange PancakeSwap.
The feature not only offers the possibility of earning rewards but also supports the token's value. The service is transparent and has a clearly defined source of yield.
Bitcoin BSC comes with a couple of other features that make it distinct. It relies on a proof-of-stake protocol, which enhances its scalability and efficiency. The transaction fees for Bitcoin BSC are less than $0.10, whereas for Bitcoin, the fees are around $10.
Additionally, transactions on Bitcoin BSC are typically processed in less than 5 seconds, a faster rate compared to Bitcoin's 10-minute transaction time.
The Roadmap: What's Next?
Bitcoin BSC has outlined a four-stage roadmap for its future. The first stage is the presale, slated for the third quarter of 2023.
In this phase, 29% of the total tokens are available at a presale price of $0.99, with the funds directed toward project development and marketing.
The second stage focuses on staking and begins in the third quarter of 2023. An audited and verified smart contract will be activated to engage early participation in staking.
The third stage is the token launch, planned for the fourth quarter of 2023. At this stage, 2% of the total token supply will be set aside to support locked DEX liquidity.
The last stage targets the fourth quarter of 2023 and beyond. During this period, Bitcoin BSC will offer daily payouts to token holders who choose to stake their tokens.
In short, the introduction of Bitcoin BSC adds another layer to the already diverse options for token staking and earning rewards.
Its staking feature, low transaction fees, and fast processing times distinguish it from other Bitcoin variants.
The project has set forth a clearly outlined roadmap, signaling its planned steps for the foreseeable future.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.