After gaining by 7% in seven days, Bitcoin Cash rally stalled but a sudden surge in whale activity and OI could revive the momentum.
traded at $379 at press time, after a slight 0.58% drop in 24 hours. Despite the recent decline, BCH is still up by around 7% in the last seven days.
The Relative Strength Index at 56 also suggested that buyers were slightly more than sellers. However, this line is tipping south, which could precede a trend reversal if there is no fresh uptick in buying activity.Bitcoin Cash managed to flip resistance at the 0.681 Fibonacci level but failed to sustain the gains. If it flips this resistance again and the uptrend continues, the next target for the altcoin will be the 1.618 Fibonacci level .
At the same time, the Bitcoin Cash network has experienced rising usage. In 24 hours, the active addresses jumped from 45,000 to 121,000.
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