Bitcoin Cash Experiences Over 10% Gain, Memecoins Frenzy Sparks Bull Market Hopes

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.

• Bitcoin Cash has surged, crossing the $232 resistance barrier. Presently, the price trades above $245, surpassing the 100 simple moving average (4 hours).
• A break above a significant bearish trend line with resistance close to $225 on the 4-hour chart of BCH/USD pair has been recorded.
• The coin might continue its upward trend if the $255 resistance zone is cleared.
  

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.