Bitcoin Cash was spotted under heavy pressure after halving took place as it faces price crash recently. Despite month-long steady upside movement, the coin marked 10% loss over the last 30 days. However, the future would bring profit as the anticipations about improvement are ripe.
Bitcoin Cash Struggles Post-Halving
Since the year begins, Bitcoin Cash faced tremendous volatility. If we look at the price movement of BCH/USD over the last 30 days, the coin was spotted dealing at $272.99 on March 11. Over the next 2 days, the price dribbled tremendously to $129 by 52.67% decline. After this plunge, the coin improved its momentum and the price touched $181 on March 13, by 40.60% hike and locked itself at the same level till March 16. Later, Bitcoin Cash price plunged to $150 but improved to $181 within a day. Further, the currency escalated in the upcoming days. The price counters moved from $175 to $239 by 36.38%.
From this high, the BCH price dribbled to $200 by 18.23% on March 21 and then, with a slight improvement to $230, the price returned to $200 by 12.61% fall. Later, the price escalated to $230 by 13.16% hike and remained around the same level till March 27. Then, the price of Bitcoin Cash dropped to $208 and in the later days, the price escalated to $219 and it closed the month.
In April 2020, Bitcoin Cash spotted improvement in the first 3 days. The price counters moved from $219 to $242 by 10.26% hike. The price locked at the same level till April 06 and then, it improved again and reached $260 by 2.83% on the next day. Later, with a slight plunge, the BCH price improved to $277 on April 08. However, after halving took place, the coin continued to trade downwards from yesterday and the price spotted at $238.
As per the MACD indicator, the signal line and the MACD line intersected recently and formed bearish crossover. The coin has crossed the immediate support level at $250 and the next support level at $243. According to the Bitcoin Cash price forecast, the major support level at $232 is likely to be violated by the end of the day.
