Bitcoin Cash (BCH) Price Prediction: BCH Tumbles 9% Lower as Market Cap Ranking Slips to #18

Bitcoin Cash's (CRYPTO: BCH) price has decreased 9.24% over the past 24 hours to $349.69, continuing its downward trend over the past week of -18.0%

Bitcoin Cash's (CRYPTO: BCH) price has dropped 9.24% during the past 24 hours to $349.69. This continues a steeper downward trend over the past week, where BCH fell -18.0%, moving from $427.03 to its current price.

Here’s a closer look at Bitcoin Cash's price action over the past day:

BCH's downturn comes amid a broader sell-off in the cryptocurrency market, with Bitcoin (CRYPTO: BTC) down 3.66% over the past 24 hours to $49,863.76. This sell-off began on Monday, with BTC rallying to an all-time high of $52,145.09 before quickly reversing course.

Relative to the broader cryptocurrency market, Bitcoin Cash has underperformed BTC and the total cryptocurrency market over the past week, as BCH traders appear to be rotating into hotter coins. BTC has risen 6.78% over the past seven days, while the total crypto market rose 2.18%.

Here’s a look at BCH's price performance over the past week, compared to BTC and the total cryptocurrency market:

BCH's technical outlook suggests a bearish shift in momentum, as the coin’s 200-day moving average crossed above its 50-day moving average over the past week, creating a "death cross." This technical indicator often signals a coming downturn in an asset.

BCH’s Bollinger Bands have also tightened over the past day, indicating decreasing volatility in the coin's price movements. This could foreshadow a coming breakout, either to the upside or downside.

BCH's trading volume has increased 31.0% over the past week, while the overall circulating supply of the coin has decreased 0.01%. This puts its current circulating supply at an estimated 93.92% of its max supply, which is 21.00 million.

The current market cap ranking for BCH is #18, with a market cap of $6.92 billion. This article was generated by Benzinga's automated content engine and reviewed by an editor.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-cash-bch-price-prediction-bch-tumbles-lower-market-cap-ranking-slips.html

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