Bitcoin Cash Price Prediction: BCH/USD Shows More Strength; Price Targets $280 Level
BCH Price Prediction – October 24
Bitcoin Cash (BCH) is defiantly positive as the bulls push its value to 2.07% higher.
Resistance levels: $295, $300, $305
Support levels: $255, $250, $245
BCH/USD is currently pushing the market price above the crucial resistance level of $270. The coin is trading above $275 and touched the daily high of $278.83. The coin is now focusing on the bullish momentum after a sustainable break above an important technical level. More so, the coin has gained over 2.0% since the beginning of the day as it is using $265 support as a jumping-off ground to develop the upside momentum, which is now gaining traction.
On the upside, if BCH/USD crosses above the upper boundary of the channel, the price may break through the resistance level of $280 respectively. Meanwhile, the technical indicator shows that the bulls are ready for action especially when the up-trending RSI (14) is about to enter into the overbought region. Any further bullish movement above the channel may pave the way for the resistance levels of $295, $300, and 305.
In other words, if the price falls below the $265 level, the market may be compelled either to a range-bound or begin a downward movement. Meanwhile, the bearish movement may likely serve as a major blow for the market sentiments as traders could interpret it as a sign of underlying weakness. The next important support may come at $260, which may be followed by $255, $250, and $245 support levels.
Against BTC, the coin crosses above the 9-day and 21-day moving averages today to touch the resistance level of 2143 SAT. However, Bitcoin cash is now bringing a bullish rally, the price may likely hit the potential resistance at 2200 SAT and 2250 SAT if pressure rises. In fact, the technical indicator is also RSI (14) moving above the 45-level, suggesting more bullish signals.
However, looking at the daily chart, it can be seen that the bulls have regained control of the market. But before the positive climb continues, BCH is likely to retrace to the break level around 2100 SAT where it may consolidate. However, should BCH/BTC drops below this consolidation area, the price could find critical supports at 2000 SAT and below.
Author: FOLLOW ON
New project considered as next-generation Bitcoin or Ripple (XRP)
A new cryptocurrency has entered the ecosystem. Launched on October 20 on the Corda public blockchain, the XDC token has been created to be “a new generation of Bitcoin or XRP,” according to Cordite CEO Richard Crook. XDC is a project of the Cordite Society, a cooperative based in the United Kingdom.
The XRP digital asset is also supported by Corda. However, the XDC token seeks to mitigate some of the “failures” that the Cordite Society believes traditional cryptocurrencies have. Therefore, the XDC will be more “regulatory friendly”. A total of 1 million XDCs will be minted as part of the initial supply of the token.
According to the report, the cooperative behind XDC will use the UK’s legal structure to introduce a DeFi sector into Corda’s distributed ledger. It will use a governance model and token distribution based on memberships to the Cordite Society. Any legal entity that operates a Corda node is a member of the cooperative.
Thus, users receive governance points and are part of the decisions around the XDC token. Each node of the Cordo network will be represented as a legal entity. The CEO of the Cordite Society indicated that this is a strategy that will allow the DeFi sector in Corda to function in accordance with the guidelines of the Financial Action Task Force (FATF). Crook added:
Regulators have set the requirements for what a digital currency needs to be, and that’s exactly where XDC fits in,” said Crook. “It meets the requirements of most jurisdictions as a digital currency and is therefore a step ahead. We’re a next-generation Bitcoin or XRP.
The XDC Whitepaper classifies it as the “first currency” of financial grade ready for enterprise level. In contrast to Bitcoin, XDC doesn’t have a fixed supply, to “improve the failures” the Whitepaper mentions. XDC’s supply can be increased over time if users vote for it. Any new XDCs that are minted will be distributed among the voting members using the Cordite node.
In addition, XDC has 4 specific objectives: to be a store of value, a medium of exchange, or a unit of account; to stimulate participation in the Corda community; to support the projects emerging in Corda, and to support the community and the developers of the network.
XDC is an Exchange Token as defined by the UK’s FCA guidance as a “means of exchange. . . a decentralised tool for buying and selling goods and services without traditional intermediaries” XDC has been designed to meet the basic functions of money – A store of value with which to transfer purchasing power from today to some future time which is highly trusted; A medium of exchange with which to make rewards for contributions and is easy to use; A unit of account with which to measure the value of a particular reward or contribution.
Author: News Bureau
Novogratz calls PayPal’s Bitcoin news ‘the shot heard around the world on Wall Street’
Galaxy Digital CEO and multi-millionaire Mike Novogratz recently hopped on CNBC Squawk Box for an interview, detailing the importance of PayPal’s upcoming 2021 Bitcoin (BTC) launch.
“I think that’s, in some ways, the shot heard around the world on Wall Street,” Novogratz said in an Oct. 23 interview about PayPal’s recent news. “PayPal has 346 million accounts,” he said, adding: “They’re the 30th biggest bank in the U.S. in deposits and all of a sudden every financial institution says, ‘Wait a minute, what am I doing?’”
PayPal plans to add Bitcoin, Ethereum, Litecoin and Bitcoin Cash to its network sometime in 2021. Following the announcement of these plans, Bitcoin surged in price, ultimately overtaking the market cap of PayPal itself.
“If you’re in the board room at Morgan Stanley or Goldman Sachs or Bank of America, you’re thinking, ‘How do I get engaged?’” Novogratz said of crypto. Prior to his interview, the CEO said he took a peak at stock performances for companies involved in crypto, as well as Ethereum’s price. He pointed out that such assets have posted standout price gains in 2020.
“We are going to see, over the next 10 years, a rebuilding of the financial infrastructure of this country,” Novogratz said. “It was interesting that PayPal hired Paxos to do their integration with crypto because there’s a domain expertise in this cryptocurrency space, in this blockchain space, that’s needed.” Paxos serves as the entity behind PAX, one of the many U.S. dollar-pegged stable coins in the crypto industry. The institution also touts other functions, such as custody.
“It was the COVID virus that really accelerated — as horrible as that sounds — accelerated adoption of crypto on two ways: the macro story with Bitcoin and the more maybe important story of digitalization of all cash, digitalization of the financial services system, that’s going to mostly be built on Ethereum.”
Multiple traditional financial players have picked up large stacks of Bitcoin this year, seemingly ushering in an age of mainstream Bitcoin adoption.
Author: News Bureau