Bitcoin Cash Preis-Prognose: BCH erholt sich - die Transaktionsrate erreicht ein neues Allzeithoch

• Bitcoin Cash rallies more than 7% on Wednesday after retesting key support the day before.
• On-chain metrics paint a bullish picture as the BCH transaction rate hits a new high and open interest also rises.
• The technical outlook points to a rally targeting the $390.5 level.

The price of Bitcoin Cash (BCH) is up more than 7%, trading around $342 on Wednesday after retesting its key support level the previous day. On-chain metrics support the bullish outlook as the BCH transaction rate hit a new high and open interest is also rising. Furthermore, the technical outlook points to a rally targeting the $390.5 level.

Bitcoin Cash transaction rate hits new high

Data from Bitcoin Cash Explorer suggests a bullish outlook for BCH. The data shows that the transaction rate hit a new all-time high of 3.6 on Wednesday, indicating a recent surge in trader interest and liquidity, and signalling greater blockchain usage in the BCH chain. 

BCH Tx rate chart. Source: Bitcoin Cash Explorer

Bitcoin Cash's open interest (OI) further supports the bullish outlook. Coinglass data shows that the OI for BCH futures on exchanges rose from $174.48 million on Sunday to $238.48 million on Wednesday, the highest level since early February. A rising OI represents new or additional money entering the market and new buying, suggesting a rally in the BCH price ahead.

BCH open interest chart. Source: Coinglass

BCH bulls eye $390.5 level

The price of Bitcoin Cash found support last week in its key range between $279.2 and $299.7. It also retested the support area on Tuesday, bouncing off and closing at $320.5. At the time of writing on Wednesday, the metal had gained 7% and was trading at around $342.4 an ounce.

If the support range holds, the BCH will extend its rally by almost 13% from current levels to retest its next resistance level at $390.5.

The Relative Strength Index (RSI) on the daily chart stands at 55, above its neutral level of 50 and pointing up, indicating bullish momentum. The Moving Average Convergence Divergence (MACD) also formed a bullish cross last week, suggesting an upward trend.

BCH/USDT daily chart

However, a close below the lower support level of $279.2 could extend the decline to the 21 February low of $255.2.