A lot of positive momentum appears to be brewing across the cryptocurrency industry. Although this is not entirely uncommon, sustaining this uptrend over the coming week will be a different matter altogether. After facing a massive battering, the Bitcoin Cash price appears to be on the rise again in rather significant fashion.
Bitcoin Cash Price Uptrend Looks Promising
Considering how the weekends are usually extremely bearish for all cryptocurrencies, it is somewhat interesting to see different momentum shaping up all of a sudden. All top markets – except for Bitcoin SV – are in the green all of a sudden, which is primarily because of Bitcoin’s price rising again. If that trend can be sustained throughout the first half of next week, there may be some reason for cautious optimism.
Over the past 24 hours, there has been a notable Bitcoin Cash price increase. Its value increased by over 8% in USD value and 5% in Bitcoin value. It is evident these gains could not be sustained without the Bitcoin price going up, which further confirms BCH is reliant on this trend as well. As such, there is a good chance the current price of $110 might not be sustained for much longer.
As is usually the case when it comes to Bitcoin Cash, there is a lot of controversy and odd information to contend with. It would appear a fair few developers are leaving the Bitcoin ABC team as of late, which seems to indicate Amaury Sechet is the only person maintaining this implementation right now. Whether or not that is a bad thing, it is quite interesting to see how this will play out in the long run.
https://twitter.com/skylark_cash/status/1071479846004379648
A very similar sentiment is echoed by other Twitter users. Although it is still too early to speak of Bitcoin Cash imploding these days, it is evident there are a lot of things which would warrant some scrutiny. This latest protocol network upgrade has caused a lot of dismay, thus it is only normal people are more wary of this project than ever before.
https://twitter.com/itisbitcoin/status/1071735944934502405
Despite the current Bitcoin Cash price uptrend, there is a good chance the BCH value will not sustain this run in the short run. As Crypto Van Wilder explains, the BCH/BTC value will be crucial to keep an eye on, at least where BitMEX futures are concerned. Failure to hit this level will effectively push the value down in quick succession, which would see its value drop below $100 again.
Possiblity of a break down if we fail to push through our box. #BCH pic.twitter.com/KWw7HVHmBi
— Trader xB (@Trader_xB) December 9, 2018
Price momentum established during the weekend is never an indicator as to how markets will evolve in the near future. Instead, it usually offers a temporary reprieve prior to the next wave of bearish momentum. As such, it will be interesting to see what the future holds for the Bitcoin Cash price, but for now, the positive momentum should be enjoyed first and foremost.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Image(s): Shutterstock.com
One Comment