Bitcoin Cash Price Hovering Near Key Support Level of $277 -Breaking
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© Reuters. Bitcoin Cash price hovering near key support level of $277- BCH (FX) has fallen to $278.28 in the past 24 hours.
- Yesterday, the price of BCH climbed to a critical support level of $277.
- It is possible that bears might not be strong enough to overcome the support level, which has been proven multiple times.
According to CoinMarketCap, Cash (BCH), has fallen in the past 24 hours, bringing its value down to $278.28 as of the writing date.
Currently ranked number 24 on CoinMarketCap’s list of crypto market caps, BCH has a market cap of $5.34 billion. With a market value of $5.38billion and Cosmos (ATOM with $5.3billion), this places BCH below UNUS SEED LEO(LEO) (LEO).
BCH trading volume at 24 hours has dropped to $4,285,353,283, an increase of 3.2% in comparison to the day before.
If you look at the chart for BCH, it is apparent that the price reached a support level of $277 yesterday. After the price dropped below this support level, bulls attempted to drive the price higher. The price is currently hovering around that level, with both the sell and buy pressure equal as shown in the daily candle.
It is evident from the chart that this support level has been tested many times before. It was previously tested twice in February, once at the beginning of March and again towards the middle of April. The bullish movement was evident in all previous tests. This test will be similar to the previous ones.
It seems that the majority of volume is the buy volume. This level could prove too high for bears once again.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. The information contained in this article shouldn’t be taken as advice. CoinQuora urges users to conduct their own research prior to investing in cryptocurrency.
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