One of the oldest cryptocurrencies, Bitcoincash is trading at a dynamic high today, with its price settling after approaching a key resistance zone. In 24 hours, the project's capitalization increased by nearly $500 million. Such a dynamic rally can be linked to several pieces of information.
- The sentiment of the crypto market is noticeably better today, with Bitcoin rising to $29,000. More institutions in the U.S. are applying to set up Bitcoin ETFs (BlackRock, Fidelity, and today there was also news of Invesco - WisdomTree);
- Bitcoincash will be one of four cryptocurrencies (Bitcoin, Ethereum, Litecoin) traded on the institutional cryptocurrency exchange EDX Markets behind which are key Wall Street institutions (Charles Schwab, Citadel, Fidelity etc.);
- In May, there were key technological updates to the project. Bitcoincash reported an update focused on the so-called CashToken, which is expected to expand the network with additional applications built on Bitcoincash, which, according to the developers, are ultimately expected to be similar to but cheaper and more easily scalable than Ethereum itself, which has gained a lot of support from developers and is considered one of the fastest growing projects on the technology side.
Looking at the chart of BITCOINCASH on the H4 interval, we can see that the price broke out dynamically above the SMA200 (red line), but the increases stopped at a key resistance level, i.e. the 23.6 Fibonacci retracement of the upward wave from the fall of 2022, and are currently testing the 38.2 Fibo level at $128. The $138 level remains a major resistance zone, also determined by previous price reactions.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appSource: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
