Leading hard-fork Bitcoin Cash (BCH) has fallen -5%, as price action continues to tumble amid tumultuous resistance from the 20DMA – is Bitcoin Cash going to zero?
After more than 60 days of downside price action, BCH bag-holders are in a state of fear as market and media interest fleets from the hard-fork project.
In a particularly dramatic move on August 26, CNBC removed Bitcoin Cash from their cryptocurrency market coverage – replacing BCH with Solana.
Initial hopes of a potential recovery by Bitcoin Cash were scuppered yesterday, after a dramatic -5% rejection from tough resistance at the 20DMA crushed trader’s hopes.
BCH Price Analysis: Is Bitcoin Cash Going to Zero?
As price action battles to hold consolidation, Bitcoin Cash is currently trading at a market price of $189.30 (representing a 24-hour change of -0.73%).
This comes after 60-days of downside price action, which has seen BCH bleed-out -42% since rejection from the upper-trendline at a local high of $330.
Worse still, the descendant 20DMA has formed an intense ceiling of resistance that has suppressed BCH for 45 days since July 14.
Yet, despite the serious capstone of resistance, the final two-weeks of August have seen a shift in sentiment – after 12-days of well-defended consolidation above $180 – BCH appears primed to re-test the 20DMA.
However, rejection here could spell disaster – with a fall to the 200DMA at $160 a likely result.
The RSI remains cooled-off with a significant oversold signal at 36.23, indicating that there could be the capacity to push up higher.
And this is reflected with bullish divergence on the MACD at 0.5 – suggesting momentum could see another run at the 20DMA.
Overall, all eyes are on the resistance zone around the 20DMA – which threatens to make-or-break price action on the short-time frame.
To the upside, BCH is targeting a clean break above the 20DMA to $210 (a possible +11%).
While downside risk remains significant here, with rejection from the 20DMA likely to drive a retracement to the 200DMA at $160 (a potential -15.4%).
This leaves Bitcoin Cash with a risk: reward ratio of 0.71, a bad-entry dominated by downside risk.
But while BCH bag-holders remain in fear, smart money have already began rotating capital into an emerging meme coin presale that boasts huge potential returns on the horizon.
Sonik Coin Presale Skyrockets Towards $700k Raised Ahead of Huge Launch
Sonik Coin ($SONIK), which is not only making waves in crypto markets, but also racing – with the audacious goal of being the fastest token to hit the $100 million market cap.
And given the current trajectory, this aspiration may soon be a reality – as this rockstar presale has surged to a jaw-dropping +$685,000 raised in less than a week.
But what has got markets so excited about the unlikely Sonik coin? The answer is in the APY – let’s dig down into this further.
Sonik Presale ‘Gotta Go Fast’ as Investors Flood-in to Claim 209% Staking APY
An intriguing 50% of the mammoth 300 billion $SONIK supply has been allocated for early investors, making it a limited-time golden opportunity.
With each token priced at a meager $0.000014, enthusiasts have the perfect entry point, especially before its much-anticipated debut on Uniswap post-presale.
This decentralized exchange is a powerhouse, and $SONIK’s presence there will undoubtedly amplify its visibility manifold.
But Sonik Coin is more than just another meme coin, the staking APY of an astounding 209% speaks volumes about its potential returns.
Staking not only adds an avenue for passive income, but its inclusion also showcases the team’s commitment to longevity and stability.
The idea? By staking, holders are encouraged to hold onto their tokens for more extended periods, thus mitigating volatile price swings and cementing a firm foundation for steady growth.
Sonik Coin Follows in Early Footsteps of PEPE in Pursuit of Viral Success
Now, let’s talk about $PEPE, Pepecoin’s astronomic growth—delivering jaw-dropping returns of over 10,000% to early backers— has set a precedent.
Given $SONIK’s innovative staking model and the infectious enthusiasm around its branding (a nod to the ever-popular Sonic the Hedgehog), it’s poised for a similar, if not more impressive, trajectory.
The transparent, community-centric vision of the Sonik Coin’s founders, paired with its tantalizing staking rewards and the buzz it has already generated, sets it apart in a sea of meme coins.
Check out the Sonik Telegram and Twitter here.
If history and market patterns tell us anything, the early bird catches the worm. Or in this case, rides the supersonic wave.
Buy Sonik Here
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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