Bitcoin Cash (BCH) has been displaying impressive stability in the volatile crypto market, trading at $231.43 from its recent low of $203. This resurgence is largely due to the performance of Bitcoin and the hopes of a Bitcoin ETF. In this article, we will explore the current state of BCH, its technical analysis, and the innovative features of the Chancer decentralized betting platform.
Bitcoin Cash Price Analysis
The price of Bitcoin Cash has been steadily increasing, currently trading at $230.91, up 8.58% over the last 24 hours. The performance of Bitcoin has been an important factor, as it has managed to maintain a price above $26,000. The optimism around the potential approval of a Bitcoin ETF by the SEC has also supported the growth of BCH, potentially paving the way for other cryptocurrencies to seek ETF approval.
At the same time, the Federal Reserve’s hawkish stance due to stubbornly high inflation brings certain risks to the crypto market. The most recent data shows that inflation surged to 3.7% in August.
BCH Price Forecast
A technical analysis of BCH on the daily chart shows a symmetrical triangle pattern, which typically indicates an imminent breakout or breakdown. BCH is positioned above both the 25-day and 50-day moving averages and is hovering around the 50% Fibonacci Retracement level. The Moving Average Convergence Divergence (MACD) has crossed above the neutral point, signaling bullish momentum.
In the event of a bullish breakout, the key resistance level is $240. The support level stands at $180. Traders and investors are closely monitoring these levels as BCH appears to be ready for a decisive move.
Chancer Offering an Alternative
Chancer, a blockchain-based social betting platform, is making waves with its upcoming presale. The presale has already hit $2,354,540, with one CHANCER token currently going for $0.012, expected to rise to $0.013 in the next presale stage.
The platform focuses on user engagement, offering diverse betting options including predicting the winners of esports tournaments, and speculating on the release of a new album. Chancer also features live streaming, allowing users to create bets and initiate live streams for others in the Chancer community to join. All of this is powered by a decentralized and transparent blockchain, ensuring fairness and openness in all betting activities.
Conclusion
Bitcoin Cash (BCH) has been resilient in the face of a volatile crypto market, while the Chancer decentralized betting platform is gaining traction with its innovative approach. It is important to conduct thorough research and stay informed in order to make informed decisions in this ever-changing landscape.
