Can Bitcoin Cash Sustain Itself Above $200?

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Most of the top cryptocurrencies have begun showing signs of a recovery. Although there is still no stable ground for most altcoins, the situation is improving slowly but surely. In the case of Bitcoin Cash, its value continues to move on up. although there is plenty of market resistance as well. Sustaining this value above $200 may be a stretch too far, under the current circumstances.

Bitcoin Cash Price Struggles Above $200

One has to keep in mind virtually all cryptocurrencies are linked to Bitcoin’s value in one way or another. One notorious example in this regard is Bitcoin Cash, the self-proclaimed successor of Bitcoin and competitor to Bitcoin Cash SV. Its value has been rising steadily in the early hours, although there is a lot of pressure on all markets which can easily swing the value back below $200.

Over the past 24 hours, the BCH value has increased by 23% in USD value and 18% in BTC value. While both trends are more than respectable, it is evident Bitcoin Cash SV poses some very stiff competition in the price department right now. That usually means things will continue to fluctuate for BCH in the coming hours and days, either for better or worse.

More and more people are seemingly questioning the future of Bitcoin Cash – or BCHABC as it is still known on some exchanges. This further confirms this “war’ is not over by any means, primarily because it would appear merchants are no longer accepting BCH for unknown reasons. How that will affect overall adoption, remains unclear, but it is not a promising sign.

Looking at the Bitcoin Cash price from a technical perspective, it would appear the current uptrend will meet some major resistance fairly soon. The BCH value rose astronomically in a one-hour span and is now starting to meet some market opposition. That is not necessarily a bad thing either, as no market should go well beyond what it is capable of prior to dealing with a brief correction.

Speculators continue to monitor the BCH and BCHSV situation from many different angles. It is evident this current BCHSV price trend took a lot of people by surprise, and there is a genuine possibility it will surpass Bitcoin Cash in value eventually. If and when that were to happen, is difficult to predict, but one cannot deny the option whatsoever.

Keeping all of this information a mind, it will be interesting to see how the Bitcoin Cash price evolves moving forward. It currently sits well above $205, although a drop to $200 or potentially lower is not out of the question. After all, that will mainly depend on what the future brings for Bitcoin’s price, which still looks on very wobbly legs right now.

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.

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