The digital asset industry woke up a series of prominent coins moving towards the green zone. This has helped the asset recover from the continuous falls and record more gains for investors. Amongst the most impressive performers is Bitcoin Cash, as it records an almost 4% increase after yesterday’s fall. The asset had dangerously fallen below the $500 mark, but that did not stop it from recording new gains and reaching the $519 mark.
This shows that cryptos would continue to move up the charts as the bulls are present and dominant. This moment would likely help the assets bridge a notable gap between their all-time high and their current value. Still, the industry is never predictable and could go red at any minute due to the investment’s volatile nature.
Bitcoin Cash moves above $500
The asset had reached one of its lowest points yesterday, and this could have been due to a reversal that was going to happen. Some charts also show that selling pressure is ever-increasing for the growing coin as traders sell off their assets to secure profits. This would not have affected the market if the buying pressure helped the crypto find a balance between all the turbulent zones. The asset has resistance levels around $550, $570, and $590. On the other hand, the support holds around $450, $430, and $410.
Before the changed outlook, the industry has been having for losses than gains, which shows the bearish activities in the market. The asset is also one of those coins as it lost its $500 support yesterday and fell slightly beneath that level. This point led to the loss of a significant part of its market cap and losses for numerous investors.
Crypto industry goes bullish
Despite the asset’s movement around the $498 mark for the past days, it has recorded an incredible price growth. The growth has been inconsistent, as new gains usually cause more long-term drops, which could be worrying for long-term buyers. The digital asset stabilized and stayed beneath the $500 level before this new surge.
The technical indicator, RSI (14), is currently around the 45-level as the digital asset records a 4.4% gain within some hours. Traders were afraid that the continuous testing of the $500 mark before moving lower could lead to a price correction that would take it to its support level. If BCH moves towards its $450 support, it would likely face more price drops as it goes down the line.
This movement would be the lowest the crypto as seen in March, and that is not a positive way to start the April market. Interestingly, the price might go above the moving averages if buyers are willing to main a bull run.
If this starts a bull run, then the crypto would likely hit some notable resistance points, such as $550, $570, and $590. This price growth is essential for the booming industry as it attracts new buyers to scoop more buys of the digital asset and also increased growth.