Roger Ver’s Bitcoin Cash (BCH) has enjoyed a fruitful morning with an 8% gain in price before finding bearish pressure in the $287 region.
The current price point is a level of support turned resistance following the collapse from June’s high of $520.
A clear breakout from this level would most likely spur a rally above the psychological price point of $300, with the next price target coming in at $328, which marked the local top before September’s slump to $204.
Bitcoin Cash is one of the most divisive cryptocurrencies in existence, with traditional Bitcoin maximalists lamenting and scrutinising those who jumped ship during the infamous 2017 hard fork.
BCH is still alive and well more than two years later, but while much of the community will disagree, the direction of BCH also relies heavily on the outcome of BTC’s recent rally, with the world’s largest cryptocurrency by market cap testing the $8,550 region.
If Bitcoin Cash gets rejected at $288, it would indicate that the seven-month downtrend is far from over and the $234 and $196 levels would come back into play.
Bitcoin Cash remains the fourth-largest cryptocurrency with a market cap of $5.2 billion and daily trade volume of more than $2.6 billion.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.