Looking at the crypto market this morning, there is an overall 2.13% increase for the day so far compared to this time yesterday. Bitcoin Cash (BCH) is up a bit from the previous day, by 1.66%. That gives it a price point of $112.82 (BCH/USD). While this may not be much of an increase, the coin has climbed for the past few days. Are we looking at a bullish trend for this token?
It is worth pointing out that BCH was higher on the 24th, at $117.83. It fell gradually from there over the next few days and then experienced a sharp drop on the 27th. That is when the BCH rate dropped to $106.76, and we saw a decrease of 6.19% in about three hours.
The substantial loss for BCH was quickly followed by a slow climb. The BCH rate climbed as high as $114.09 on Tuesday which marked a full recovery for the coin from where it originally fell off. BCH has completely recovered but is still ascending. However, the coin does not have much momentum at this time.
Will BCH Turn from Here?
We anticipate some selloff for the coin in the next day or so, as those who made it through the recovery period may see less progress than they had hoped for. BCH could continue to rise, but we do not expect a lot of gains from it right now. The coin is moving slowly, and the market is only marginally up at the moment.
The upward movement we saw over the last few days is likely just Bitcoin Cash correcting, achieving its base level and continuing with business as usual. Even so, BCH could prove to be a good long-term investment right now, as it is one of the stabler crypto coins on the market, turning its short-term volatility into long-term reliability. It has not lost nearly as much as many of its competitors over this year or over the last few months, which means it offers some great potential investment opportunity.