Bitcoin Cash Price Surges 24% in a Week as Bulls Lead the Charge Eyeing $641 and Beyond

Highlights:

• The price of Bitcoin Cash has surged 4.75% to $487, with a 76% rise in trading volume.
• Technical indicators signal potential upside, reinforcing the bullish grip. 
• Bitcoin Cash price breakout could rally to $641, with $800 as a medium-term target.

As of 20 June, the Bitcoin Cash price spiked out in a splendid show of bullish muscle, gaining 4.75% to $487 in the past 24 hours. The trading activities have notably soared, bolstered by the trading volume, which has gone ballistic by 76% to $756M. BCH is now up 16% in a week and 22% in a month, indicating a growing bullish grip. 

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BCH Poised for a Breakout Above the Parallel Channel

Bitcoin Cash has posted a strong rally in the recent past weeks, with its price crossing key resistance levels. On the 1-day chart, BCH token displays strong bullish sentiment, indicating potential upside. Moreover, the Bitcoin Cash price trades well within the rising parallel channel, as the bulls establish a strong dynamic support at $395 and $414. Further, Bitcoin Cash price is up over 24% from April lows of $395, indicating heightened activity in the market. 

Further, the Relative Strength Index (RSI) is at 66.19, meaning that BCH is not overdue to reach higher levels. Moreover, its position above the 50-mean level shows intense buying activities, with the bulls showing the bears nothing but total dust. 

Again, Moving Average Convergence Divergence (MACD) is registering a bullish crossover. This is an indication that the bullish momentum is also likely to persist in the short term. Traders and investors can buy more BCH tokens, which may potentially trigger a breakout. 

On the other hand, the Coinglass liquidation Map signals growing bullish sentiment. This is evident as the cumulative long liquidation leverage ($37.75 million) compared to shorts($26.43 million) in the last 24 hours. This suggests that bullish sentiment is dominating the current BCH market because traders anticipate that the price may surge further in the future.

Bitcoin Cash Price Breakout Reveals a Rally to $800

Zooming in on the daily chart, Bitcoin Cash price is poised for a breakout, reinforced by the golden cross in the market. With the support levels intact, the bulls cross above the $500 zone, the breakout momentum could drive BCH towards 540, $562, and even $641. In the medium term, the bulls could eye the $750 mark, or even $800. 

On the flip side, the lower support zones at $414 and $395 will act as the safety net for potential selling in the market. Meanwhile, the 24% monthly gain shows BCH is riding the current bullish crypto wave. In the short term, the bulls may target the $500-$600 mark. All in all, Bitcoin Cash price has shown strong technical and fundamental basics over the last few weeks. BCH has a target price of $641, and given efficient market fundamentals, BCH may continue to rise to $800.

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