CME Listing Sends Bitcoin Cash Soaring Past $300
Bitcoin Cash (BCH) has surpassed $300 for the first time in three months, while BitcoinSV (BSV) and LayerZero (ZRO) are trading at their annual and four-month highs, respectively.
The surge in BCH is attributed to the announcement that CME Group will list BCH futures, which could drive liquidity. The altcoin's price has skyrocketed by almost 30% over the past day, with technical indicators suggesting a stable upward trend.
On the daily chart, BCH is trading above its major Exponential Moving Averages (EMAs), with the 50-day EMA at $247 and the 100-day EMA at $257. The recovery has also reclaimed the 50% retracement of the downswing from $489 to $181 at $297.
BSV, a hard fork of Bitcoin Cash, is up nearly 8% on Wednesday, extending its 20% rise from the previous day. Momentum is stretched for BSV, with the Relative Strength Index (RSI) hovering above 81 on the daily chart, suggesting a higher likelihood of a pullback.
LayerZero is trading around $1.3920, holding steady after a roughly 18% rise the previous day. The altcoin's rally challenges a horizontal resistance set by the May 21 high near $1.3950, with a confirmed breakout above this level potentially targeting the support-turned-resistance at the March 2 low of $1.7740.