BCH crosses $550, outperforms other major cryptos; Check forecast

Key takeaways

• Bitcoin Cash is the best performer among the top 20 cryptocurrencies by market cap.
• The coin could hit $600 soon as the broader crypto market embarks on a recovery

$BCH hits $550 as market shows signs of recovery

$BCH, the native coin of the Bitcoin Cash blockchain, is the best performer among the top 20 cryptocurrencies by market cap in the last 24 hours. The coin rallied by 5% in the last 24 hours to cross the $550 mark and now trades at $567 per coin.

Its positive performance comes as the broader crypto market slightly recovered from Monday’s slump. Bitcoin is trading above $110k once again after dropping to the $107k region over the weekend.

Ether, the second-largest cryptocurrency by market cap, has also topped $4,400 after testing the $4,250 low on Monday. Bitcoin Cash could now rally higher over the coming hours as the bullish momentum slowly returns.

$BCH targets the $608 high

The $BCH/USD 4-hour chart is bullish and efficient thanks to Bitcoin Cash’s performance in recent weeks. The higher timeframe sentiment remains bullish despite the recent market sell-off.

The RSI of 63 shows that $BCH could be heading into the overbought region if the bullish trend continues. The MACD lines are also in the positive territory, suggesting that the momentum indicators have a bullish bias.

$BCH/USD 4H Chart">

If the recovery continues, $BCH could surge towards last week’s high of $608 over the next few hours. An extended bullish run would allow $BCH to reclaim the August high of $633.

However, the market conditions remain choppy, and Bitcoin Cash could undergo a correction. If that happens, $BCH could retest the weekend low of $521 before dropping towards $490 for the first time since July.

Despite that, $BCH remains one of the strongest coins among the top 20 at the moment. It could rally higher in the near term if the market maintains the bullish momentum.