Bitcoin Cash (BCH) got attention from the Cardano founder, which could be a potential long-term opportunity. Moreover, fewer whale holdings (13.51%), with a recent surge in the 24-hour volume of 17% to $398,256,702, could indicate retail traders’ attention to this crypto.
Cardano Founder Proposes BCH Integration
In a recent speculative poll on a widely used social media platform, Charles Hoskinson, the progenitor of Cardano, inquired whether the cryptocurrency community would endorse a Cardano-Bitcoin Cash integration.
During its inaugural twenty-four hours, the poll garnered over twelve thousand ballots, of which a significant majority (66.3%) supported the suggested integration.
Although Hoskinson emphasized the hypothetical nature of the poll, recent occurrences, including Elon Musk's use of the same platform to make decisions, suggest that it may have some sway.
Analysts Opinion on BCH
Ben Scherrey, the founder and chief technology officer of Biggest Lab, a blockchain firm, endorsed the integration. Scherrey justified his support by stating that the two chains' shared UTXO model, enabling decentralization.
Even with the community's enthusiasm, the precise details of said partnership continue to be ambiguous. As suggested by Hoskinson's use of the phrase "partner chain," Bitcoin Cash would almost certainly require a bridge or cross-chain to function in conjunction with the proposed enhancements.
Hoskinson's social media activity aligns with Cardano's preparations for two substantial enhancements in 2024: the "Chang" hard fork, slated to occur in the second quarter, and the "Ouroboros Leios" proof-of-stake model.
Bitcoin Cash Price Technical Analysis
In the daily chart of BCHUSD, the overall market momentum is bullish as the price keeps moving higher from the left to right. However, a considerable downside correction is present in the recent days, creating a potential long opportunity from a discounted price.
In the higher timeframe, the buying opportunity is still valid as the current price aimed higher after a monthly bullish inside bar formation. The weekly price has become sideways after a downside pressure and closed as a doji formation.
Based on this outlook, a bullish continuation with a daily price above the 528.79 level could validate the long opportunity, targeting the 700.00 psychological line. However, the 200-day Simple Moving Average is below the current price, working as major support.
In that case, a considerable downside correction might happen after forming a bearish rejection below the 50-day EMA line. In that case, another long opportunity might come after having a discount towards the 400.00 to 340.00 zone.
