By: Eva Baxter
Bitcoin Cash experienced a rally with more than 10% gain and a breakthrough above $245 resistance. However, the $255 region imposes a strong resistance.
With a base above the $220 level, Bitcoin Cash started a steady increase. This was similar to other cryptocurrencies like Bitcoin and Ethereum. This increase also led to a break above a key bearish trend line with a resistance closer to $225 on the BCH/USD pair 4-hour chart. There was a significant increase above the $232 and $245 resistance levels. BCH is currently showing positive signs above $245 and 100 simple moving average (4 hours).
In other news, the rise of memecoins has dominated the discourse in the crypto Twitter space this week. This trend, coupled with the outrageous tokens, has sparked speculations of an impending bull market in the Cryptosphere.