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Bitcoin Cash’s native token BCH has shown significant price movements in recent weeks. A monthly review shows a decline, while a weekly view shows an upward movement, indicating sharp price fluctuations in both directions. At the time of writing, BCH is trading at $345.55 and has been within a narrow price range over the past seven days.
Current Status of Bitcoin Cash
The first thing to consider when analyzing BCH is the Bollinger Bands (BB) indicator. At the time of writing, the indicator showed a widening gap between the upper and lower bands.
The BB indicator of an asset reflects market volatility and potential overbought or oversold conditions. The upper band on the charts indicates the higher range of an asset’s price movements, while the lower band reflects the lower range.
An expansion in the gap between the existing bands indicates rising market volatility. This generally occurs after significant price movements in either direction. For BCH, this situation was observed after the general market pullback on August 5, which caused the altcoin price to drop to $309.90, marking a seven-month low.
Additionally, BCH’s Bollinger Band Width, which allows investors to reflect market volatility and potential breakout opportunities, has been expanding since August 5. At the time of writing, BCH’s Bollinger Band Width value was 42.08, having increased by 32% over the past seven days.
How Much Will BCH Be?
BCH price predictions suggested a potential decline following the death cross in recent weeks. A death cross occurs on the charts when an asset’s short-term moving average (50-day moving average) falls below a long-term moving average (200-day moving average). This situation can be seen as a signal for larger market declines.
In the case of BCH, if the selling pressure gains momentum, the price could fall below the seven-month low of $309, and subsequently, it could find buyers at $272.70.
On the other hand, a positive change in market trends could raise the BCH price to $378.10, eliminating the bearish outlook.
