Crypto News

Bitcoin Cash [BCH] Steps Into May With Significant Gains

The month of May started off on a good note for several coins including, Ethereum [ETH], Bitcoin Cash [BCH], and several others. The altcoin market emerged in terms of both price as well as market cap. The overall market cap of the crypto-verse rose to $2.21 trillion with the altcoins accounting for most of it.

With a 24-hour price rise of 9.49%, Bitcoin Cash [BCH] was right behind Dogecoin [DOGE] in bagging daily profits. The altcoin was trying to surge past $1K, however, a prominent line of support was still in the making as it kept slipping back below its milestone. BCH, during the time of writing, was trading for $1,009. Over the last seven days, the altcoin scored gains of over 29%.

While several coins like Litecoin [LTC] and Chainlink [LINK] failed to stay in the top ten, BCH managed to retain itself as the tenth-largest cryptocurrency. The altcoin’s market cap was noted at $18.73 billion, quite close to that of Litecoin’s.

Bitcoin Cash [BCH] One-Hour Price Chart On Coinbase

Bitcoin Cash

The bears were noticed hibernating in the short-term price chart of BCH. While the Bollinger Bands indicator affirmed limited volatility as the bands were converging, the Awesome Oscillator indicator suggested that this was for the best. The Awesome Oscillator indicator laid out red closing bars insinuating the presence of the bears. The Money Flow Index indicator noted a buyers’ sentiment as the marker was over the 50 median.

Bitcoin Cash [BCH] One-Day Price Chart On Coinbase

Bitcon Cash

Contrasting sentiments were observed in the short and long-term charts of BCH. The one-day price chart of BCH was welcoming the bulls. The MACD indicator was heading in for a bullish crossover as the MACD line was sluggishly trying to rise over the signal line. The Chaikin Money Flow indicator was seen dwelling in the bullish arena over zero median. The Relative Strength Index indicator suggetsed that the altcoin could have been moving towards the overbought zone.

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