Bitcoin Cash (BCH) surged over 7% on Wednesday, trading near $342** after rebounding from a key support level. Bullish on-chain metrics, including a record-high transaction rate and rising open interest, signal potential further gains. Technical analysis suggests a rally toward **$390.5.
Bitcoin Cash Transaction Rate Hits Record High
Data from Bitcoin Cash Explorer reveals:
- Transaction rate peaked at 3.6, indicating heightened trader interest and blockchain activity.
- Open Interest (OI) surged from $174.48 million** (Sunday) to **$238.48 million (Wednesday), the highest since early February.
👉 Track real-time BCH metrics here
Technical Outlook: Rally Toward $390.5
- Support Range: Held between $279.2–$299.7, confirmed by Tuesday’s bounce.
- Next Target: $390.5 (13% upside from current levels).
Indicators:
- RSI: 55 (bullish momentum).
- MACD: Bullish crossover last week.
Risk Scenario: A close below $279.2** could trigger a drop to **$255.2 (February 2024 low).
FAQs
Why is Bitcoin Cash’s transaction rate significant?
A higher rate reflects increased network usage and liquidity, often preceding price rallies.
What does rising open interest indicate?
It suggests new capital entering the market, reinforcing bullish sentiment.
How reliable is the $390.5 target?
Dependent on sustained support and bullish momentum; monitor RSI/MACD for confirmation.
👉 Explore Bitcoin Cash trading strategies
Disclaimer: This content is for informational purposes only and does not constitute investment advice.
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