BCH/USD gains 6%, knocks Litecoin off the fourth place

Fibo Quantum

  • Bitcoin Cash has moved to the fourth position in the global cryptocurrency rating.
  • BCH is one of the best-performing coins out of top-10.

Bitcoin Cash (BCH), now the fourth-largest digital asset with the current market capitalization of $5.8 billion, has gained over 6% of its value in recent 24 hours and touched an intraday high at $337.00. At the time of writing the coin is changing hands at $330.30 amid expanding volatility. 

Read also: Bitcoin Cash technical analysis: BCH/USD near-term double-top formation

Bitcoin Cash’s technical picture

BCH /USD has been one of the best performing cryptocurrencies. The coin has recovered from the recent low of $255.00 (July 15) and settled well above critical $300.00 handle. BCH/USD has gained over 12% in recent seven days and moved to the fourth position in the global cryptocurrency rating. 

On the upside, the initial barrier is created by $340.00. This resistance is closely followed by the recent high $344.00 touched on July 20. Once it is cleared, the upside is likely to gain traction with the next focus on $351.10 (SMA200 (Simple Moving Average) on 4-hour chart).

The nearest support awaits us at $312.00 (SMA50 1-hour). Once it is out of the way, the sell-off may continue towards a stronger barrier created by a confluence of SMA50 and SMA100 on 4-hour chart at $307.30. This area separates us from psychological $300.00.

BCH/USD, 4-hour chart