Bitcoin Cash Price Shows Recovery as $BCH Targets $485 Level

Bitcoin Cash price showed a sharp recovery following the overall bullish sentiments in the market, and is currently trading at $470.96. The market is experiencing an overall period of volatility, with several altcoins showing sharp corrections as investors are actively recalibrating their portfolios during a period of high liquidity and price fluctuations.

$BCH price is closely monitored by traders, as they watch the $470 level to determine if the current momentum has the necessary push to turn into a long-term reversal.

Drama in the Bitcoin Cash Price Chart

Bitcoin Cash 15-minute price chart shows a steep drop in the early hours of the 29th of March, where the price bottomed at $446. The price seems to have stabilized at $470 level after breaking past the short-term resistance zone between the $456 and $459 levels.

The drop to the $448 level acted as a major demand zone, with the volume pushing the price higher. As of now, the resistance stands at the $472 mark, and the $BCH token needs the volume to surpass the $475 level to finally trigger a bullish move.

If we factor in the technical indicators, the Relative Strength Index (RSI) is currently at the 54 level, which suggests a bullish trend, but the token is not yet in the overbought zone. If the positive sentiments continue, the token can possibly move towards the $480 psychological level.

The Exponential Moving Averages (EMAs) show a bullish realignment on the 15-minute timeframe. The cross-overs between the 5, 9, and 12 periods with the 21 and 100 periods show the momentum has flipped in favor of the buyers.

With a trading volume of over $285 million in the last 24 hours, the trading interest in Bitcoin Cash is evident. $BCH price action will likely follow the Bitcoin price movements, suggesting a possible bullish move.

If the $BCH token can maintain its ascending support and break through the $472.50 barrier, the next major target is the $490 supply zone. If the supply zone is reclaimed successfully, it is quite possible for the bulls to try to move towards the $500 milestone.

However, a retest of the $460 level is highly possible if the green ascending support lines are breached. If $BCH fails to hold onto the $460 levels, we could see a correction move that drops the price all the way down to the $448 liquidity pool.

Also Read: Crypto Market Rebounds as Bitcoin Broke Past $68K Before Retreating