Hopes seemed to fade amongst the crypto community, particularly regarding BCH, following an unmitigated descent in price action. This downtrend, spanning over 60 days, has witnessed BCH wither with an astounding loss of 42% from a local high of $330. The dreary climate further intensified after CNBC axed BCH from its cryptocurrency market catalog in favor of Solana, breeding heavy disillusionment among BCH’s ardent followers.
Riding at the crux of an excruciating battle to preserve its market consolidation, BCH currently trades around $189.30, reflecting a 24-hour change of -0.73%. A relentless ceiling of resistance, formed by the plummeting 20DMA, has trampled BCH for 45 consecutive days since mid-July. The potentiality of recovery from the brink swings precariously upon BCH’s ability to make a clean break above this formidable wall of resistance. Failure to do so could prove catastrophic, inviting a freefall of BCH to the 200DMA resting ominously at $160.
Counter to the prevailing grim climate, faint whispers of optimism began to resonate, as BCH managed to withhold consolidation firmly above $180. This resilience, together with a commanding oversold signal by RSI at 36.23 and an unexpected bullish divergence reflected on the MACD, brings the light of potential rebound within sight. A successful breach through the imposing 20DMA could boost BCH to $210, marking a possible +11%, but a failure deservedly calls for caution as downside risks are not easily dismissed, with a return to the 200DMA expected to shrink BCH to $160, a potential setback of -15.4%. This precarious situation leaves BCH holders hovering in a daunting risk: reward ratio of 0.71.
Amidst the gloom of BCH’s dwindling market presence, investors needing a rebound narrative may find solace in an emerging cryptocurrency that has made its entrance with a robust bang. Sonik Coin ($SONIK) is not just making impressive strides in its journey to reach a market cap of $100 million but has succeeded in capturing investor interest, garnering a massive $685,000 in less than a week. This ostensible attraction finds root in Sonik Coin’s lucrative APY, providing an astounding 209% staking reward, giving investors a steady avenue for passive income.
Drawing parallels with the explosive growth of $PEPE, Sonik Coin’s potential trajectory seems to hold promise with its innovative staking model and unique branding, undoubtedly differentiating it in the saturated domain of meme coins. Thus, it presents a case for investors to perhaps capitalize on the early opportunities this supersonic ride might offer even though crypto investments remain inherently characterized by high risk.
Source: Cryptonews
