BCH Price Rally high, Will Bitcoin Cash Surpass Litecoin's Position?January 19, 2021
Will BCH Price Surpass $600 in the Coming Days?
Bitcoin’s fork Bitcoin Cash entered the consolidation phase after been rejected at $500 a couple of times. The upside resistance is expected above $600 as indicated by the 20-EMA on the hourly chart. If in case a correction initiates, the support levels around the current price may be visited, however, declining beyond $500 might be uncertain.
The RSI indicator which is currently in the overbought zone above 70 is also pretty bullish. Nevertheless, the current volume manifests a probable uptrend in the coming couple of hours which may escort the price close to $550 initially and later above $600.
The BCH price needs to retest the resistance levels above $600 at $618 to continue to surge. However, the ATH is still far off and hence a rally like a giant is the need of th hour. Additionally, the support levels around $500 should not be revisited, else the price may yet again retrace to the strong support levels below $500 at $470.
Litecoin(LTC) Price Hikes After a Consolidation
Litecoin price appears to have surged remarkably after a slight consolidation, trending in between $135 and $150. The spike in the trading volume gave a major boost to the LTC price which jumped more than 12% in just a couple of hours and surged further to touch the current levels.
However, at the time of writing, the LTC price is $159.44 with a jump of 12.41%. Also, a slight correction has pulled back the price from the daily highs of $166. The RSI indicator signals a bearish trend and the MACD indicator also points out towards a sell signal, due to which the asset may plunge more.
As the LTC price is expected to plunge more and BCH price is expected to test the $550 levels soon, the prime focus would be whether BCH will flip the LTC’s position to secure the 7th position on the cryptocurrency ranking list.
As the rankings are based on the market cap, the market cap of LTC is around $10,553,199,426 and BCH is just behind with $9,770,095,603. The gap between BCH and LTC is low and hence the BCH price rally may overturn LTC’s position in the coming days.
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