Key takeaways
- BCH is the best performer among the top 20 cryptocurrencies by market cap.
- The coin could rally towards $585 soon as bulls target the $1,509 level in the long term.
Bitcoin Cash outperforms other major cryptos
The cryptocurrency market is having a slow start to the week. The total crypto market cap has declined by 1% in the last 24 hours as Bitcoin, Ether, and other major cryptocurrencies are currently in the red.
However, some cryptocurrencies continue to rally higher. BCH, the native coin of the Bitcoin Cash blockchain, is the best performer among the top 20 cryptocurrencies by market cap. It added over 4% to its value in the last 24 hours and now trades at $522 per coin.
The coin is up 13% in the last seven days, allowing it to overtake SUI and become the 12th-largest cryptocurrency by market cap. The positive performance comes as Bitcoin and other leading cryptos struggle at the start of the week.
Bitcoin, the leading cryptocurrency by market cap, continues to trade below $108k after an uneventful weekend. Bitcoin Cash could now be eyeing higher targets as bulls anticipate a breakout.
BCH targets the FVG at $585 as bulls remain in control
The BCH/USD 4-hour chart is extremely bullish and efficient, indicating that the bulls have swept the downside liquidity and could push BCH’s price higher in the near term. BCH swept the ILQ/TLQ level at $486 over the weekend and has now pushed to the $522 level.
If the bulls remain in control, BCH could rally towards the next liquidity zone at $585. The 4-hour chart shows a Fair Value Gap (FVG) above $580, and this could serve as the magnet for BCH in the short term.
The relative strength index (RSI) of 63 suggests a buying pressure, while the MACD lines have crossed over into the positive zone. If the bullish trend continues, BCH could rally to the $638 resistance level for the first time since December 2024.
In the long term, analysts expect BCH to test the $1,509 level. Bitcoin Cash has not traded around $1,500 since May 2021. Despite its recent rally, BCH remains 88% down from the all-time high price of $4,355 it achieved in 2017.
