Bitcoin Cash (BCH) increased by 15.38% on the last day, hitting a trail high in seven months at $536. The altcoin has performed spectacularly across all time frames and registered astounding gains of 15.86% weekly and 42.65% on the monthly charts. According to the data, BCH was at $512, indicating a continued surge in the prices due to bullish activities in the market.
Nonetheless, the price surge still position BCH below the ATH of $4,355 as the current prices are only 88.18% lower than the ATH. However, optimism among investors may indicate that the stock is yet to peak and may as well go higher.
Based on the market trend analysis, it can be seen that the Bitcoin Cash is heading for more bullish run. RSI has also been on the rise in the last one day from 57 to 68 which indicates that there is more demand on the stock as compared to supply. This trend has accompanied increased trading volumes with a 314% increase in trading volume touching $1.75 billion according to CoinMarketCap.
Stochastic RSI also went near the bullish crossover, which indicates the start of the new upward wave normally. This serves to imply that buyers are actively buying, mainly due to that there could be FOMO, after the recent rally.
Data from Coinglass further supports the bullish sentiment. A 50% Long/Short Ratio indicates that long positions dominate the market, reflecting investors' confidence in BCH's price prospects.
The latest data from Santiment show that the MVRV ratio for Bitcoin Cash has increased over the first week from -7.56 to -4.13. This means that long position holders have already been profitable and are gaining more confidence in the asset's ability.