The Decline of Bitcoin Cash: Can It Recover Its Former Glory? - Latest cryptocurrency news

The Decline of Bitcoin Cash: Can It Recover Its Former Glory?

This year started off well for BCH but couldn’t sustain its momentum. The delisting announcement by EDX Markets was seen to have a negative impact on investor interest. What do technical readings and current data say about the possibility of BCH Coin returning to its former glory?

On June 30th, EDX Markets, which secured the support of trillion-dollar giants, began trading with a limited number of cryptocurrencies. The official support for BCH Coin resulted in a rapid increase in price, reaching up to $329 during the same period. However, interest quickly declined after the delisting announcement by EDX.

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BCH, an altcoin based on Bitcoin, broke its 600-day trend line with the support of EDX Markets and recorded a lower peak indicating a continuation of the bearish trend on October 23rd. In the long term, expectations for a fork token that proved unsuccessful years ago and depleted hopes are evident.

A few months ago, Vitalik Buterin stated that BCH and BSV were complete disappointments. This statement was a blow to long-term optimism and confirmed an already known fact of EDX Markets delisting them.

The weekly chart shows a clear downward trend, and the price may experience greater losses by breaking away from the rising parallel channel. This downward trend not only invalidates the previous rally but also diminishes investors’ medium and long-term hopes.

While fundamental analyses predict a further decline, technical supports are also concerning for investors. As of the preparation of this article, BTC found buyers at $37,737, while the price of BCH was around $222. The daily RSI strengthens the bearish outlook. However, analyst TyDigital expects a recovery despite all indicators suggesting otherwise.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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