Bitcoin Cash (BCH) price is rallying more than 7%, trading around $342 on Wednesday after retesting its key support level the previous day.
Bitcoin Cash’s price rallies more than 7% on Wednesday after retesting its key support the previous day. On-chain metrics paint a bullish picture as BCH’s transaction rate reaches a new high, and open interest is also rising.
The technical outlook suggests a rally ahead, targeting the $390.5 level. Bitcoin Cash price is rallying more than 7%, trading around $342 on Wednesday after retesting its key support level the previous day. On-chain metrics support the bullish outlook as BCH’s transaction rate reaches a new high, and open interest is also rising. Moreover, the technical outlook suggests a rally ahead, targeting the $390.5 level. Bitcoin Cash transaction rate hits a new high Data from Bitcoin Cash Explorer projects a bullish outlook for BCH. The data shows that the transaction rate reached a new all-time high of 3.6 on Wednesday, indicating a recent surge in traders’ interest and liquidity and signaling greater blockchain usage in the BCH chain. BCH Tx rate chart. Source: Bitcoin Cash Explorer Bitcoin Cash’s Open Interest further supports the bullish outlook. Coinglass’s data shows that the futures’ OI in BCH at exchanges rose from $174.48 million on Sunday to $238.48 million on Wednesday, the highest level since early February. An increasing OI represents new or additional money entering the market and new buying, which suggests a rally ahead in the BCH price. BCH open interest chart. Source: Coinglass BCH bulls are aiming for the $390.5 mark Bitcoin Cash price found support around its key range between $279.2 and $299.7 last week. Moreover, on Tuesday, it retested and bounced off from the support range and closed at $320.5. At the time of writing on Wednesday, it rallied by 7%, trading at around $342.4. If the support range is maintained, BCH will extend the rally by nearly 13% from its currentlevels to retest its next resistance at $390.5. The Relative Strength Index on the daily chart reads 55, above its neutral level of 50 and points upwards, indicating bullish momentum. Moreover, the Moving Average Convergence Divergence also showed a bulled crossover last week, suggesting an upward trend. BCH/USDT daily chart However, if BCH closes below the lower support range of $279.2, it could extend the decline February 21, 2024, low of $255.2. Related news Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP signal recovery ahead of White House Crypto Summit Crypto Today: Pi Coin rallies, BTC, XRP hold key levels, as Made-in-USA assets lose $63B on Trump tariff woes Cardano Price Forecast: ADA corrects after 70% surge following Trump’s endorsement to Crypto Strategic Reserve
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