In an attempt to cross the threshold of the symbolic value of $200, the hard-hitting cryptocurrency BCH is experiencing a testy market situation. Born from the original Bitcoin blockchain, BCH has been shuffling feet around the $200 mark. A dismal Tuesday showed BCH backing away from the stronghold of $210, signifying that the bulls lack the gas to power BCH beyond key resistance levels.
Tracing back to a prominent market upsurge in June 2021, BCH synchronized itself with an encouraging piece of news. It was announced that the newbie crypto exchange, EDX Markets, backed by Fidelity, Charles Schwab and Citadel, among others, will feature BCH. This ignited a fresh wave of enthusiasm for BCH.
Yet, the struggle against gravity continues. The speculative market sentiment predicates BCH’s imminent fall back to $160, if it fails to break away from the current market trend. However, this also presents the opportunity for investors to buy at a low price, if the market reacts positively and resumes the bull run. The likelihood of BCH hitting recent lows could encourage keen investors to stock up, thereby inflaming a market rally.
On the opposite side of the spectrum, should BCH fail to garner significant support at the $160 price region, a looming dip into the early $100s loom ominously ahead. Thus, potential investors observing the jittery performance might wish to hold their horses at least for now, till BCH reaches the solid ground of $160.
Juxtaposed alongside BCH’s scenario comes an interesting alternative, a token to be launched by the renowned internet community, Wall Street Memes. Having raised over $25 million during its presale, the token $WSM has already received endorsements from major crypto influencers and analysts. Some even foresee it to mirror the performance of Dogecoin or Shiba Inu. Thus, an interesting diversification opportunity presents itself for those seeking to hedge their crypto bets.
While investors wrestle with BCH’s shaky market merits, there’s an unmistakably frantic rush towards the new token as investors scramble to grab a piece of the promising $WSM.
Overall, optimism is pinned on BCH’s historical bull run and WSM’s seemingly auspicious debut. At the same time, a hint of skepticism lingers, embodied by BCH’s wavering market standing and the inherent unpredictability of the crypto market. As is customary with the high-risk domain of cryptocurrencies, there is always the threat that you could lose the entire capital. Therefore, proceeding with caution is a cardinal rule when navigating the crypto waters.
Source: Cryptonews
