Is a Move Above $500 Next for Bitcoin Cash (BCH) or Is a Pullback Coming?

• Bitcoin Cash is trading around the $499 range.
• BCH’s daily trading volume has increased by over 16%.

With a $3.29 trillion market cap, a mixed sentiment lingers across the crypto assets, prices falling between green and red charts. Notably, the largest assets like Bitcoin (BTC) and Ethereum (ETH) are trading at $107.3K and $2.4K, respectively. Turning attention toward the altcoins, Bitcoin Cash (BCH) has gained by over 4% in the last 24 hours

BCH kicked off the day trading at its low range at $476.55. Gradually, after the bullish shift, it broke through the key resistance and mounted to its daily high of $505.32. At the time of writing, Bitcoin Cash trades at around $499, with its market cap staying at $9.90 billion. In addition, the daily trading volume of Bitcoin Cash has surged by over 16.61%, reaching $630 million

The asset’s thirty-day price graph has registered a surge of over 18.30%. BCH’s monthly low is marked at around $389 level, and the wave of bulls has likely driven the price up to the current trading range

Can Bitcoin Cash Climb High?

Bitcoin Cash’s active upward momentum might wake the potent bulls to push the price to move up and test its resistance at the $502 level. If the bulls are sustained, a strong upside correction could trigger the golden cross emergence, supporting the upward price movement to reach $502.15.

Conversely, if the bears took control of the asset, the negative momentum could send the price to retrace toward the $499.82 level. A sturdy formation of a death cross might likely drive the Bitcoin Cash price to its previous low at the $499.60 range and further below

*BCH chart (Source: TradingView)*The asset’s technical analysis reveals an uptrend, with the Moving Average Convergence Divergence (MACD) line stationed above the signal line. This generally implies the asset’s upward momentum. Also, the BCH price may potentially move up. Besides, the money flow assessing indicator, Chaikin Money Flow (CMF), is found at 0.08, which hints that capital is flowing into the asset. A slight buying pressure is present in the market

Bitcoin Cash’s daily relative strength index (RSI) is settled at 66.10, indicating that the asset is nearing the overbought territory, with hovering bullish momentum. Moreover, the Bull Bear Power (BBP) value resting at 40.4 suggests the bullish dominance in the market. It provides a favourable situation for the uptrend.

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