Despite the April halving, Bitcoin Cash (BCH) was able to maintain a high level of volatility. Its price varied depending on how the main BTC cryptocurrency behaved. And it is entirely possible that BCH has the support it needs and could rise above $ 260.
What about the future of VSN?
Bitcoin Cash, even two months after the third halving, did not show high achievements, maintaining the dynamics of Bitcoin. He then went down, then rose to the maximum. According to experts’ forecasts, the cryptocurrency may grow to the level of $ 260. And it is quite possible that it will rise to the level of $ 270.
But experts believe that a decrease to $ 230 may happen at the same time. Strong growth above the $ 250 level influenced the BCH price and formed a new monthly maximum near $ 268, and then a downward correction began.
The low was formed at $ 246, and the high reached $ 263. Then BCH traded at prices comparable to Bitcoin, above the support zone of $ 250. The 50% Fibonacci retracement level of the recent decline from the high of $ 263 to the minimum of $ 246 was tested. And as the four-hour chart of the BCH / USD pair shows, a key contracting triangle with resistance near $ 255 was formed. The triangle resistance indicators approached the 61.8% Fibonacci retracement level the recent decline from a high of $ 263 to a low of $ 246.
This suggests that the $ 260 mark and the breakout of the triangle’s top resistance level will help push the coin to a new round of growth.
It’s too early to give up on the future of VSN
But the future of bitcoin cash should not be gloomy, even with unjustified expectations of the holders and the lack of price growth after the halving.
As reported by BeInCrypto, Bitcoin Cash proponent and former Bitcoin.com CEO Roger Ver believes that there may be disagreements in the future over the BCH block size limit.
It is Bitcoin Cash (BCH) and Bitcoin SV (BSV) that are the most controversial bitcoin forks. And according to CoinMarketCap, even with a flurry of criticism and mistrust from their very inception, both coins took their place in the top 10 largest cryptocurrencies.