Cryptocurrency experts name a digital asset that grew by 260% in less than a month

on June 30, the price of the cryptocurrency Bitcoin Cash reached a new annual high, continuing the rally that started at the beginning of the month. BCH soared by 260% without any significant pullback. However, crypto experts emphasize that the wave chart hints at the possibility of a short-term drop, after which the asset price will resume growth.

Cryptocurrency market analysts note that the BCH price has been in an uptrend since it fell to a new annual low of $ 90 on June 10. 11 days later, it broke off the downward resistance line that had existed since February. This confirmed that the correction was complete and would be followed by new highs.

However, the growth that followed the breakout was truly unprecedented. The price of the asset soared by 260% without any significant pullback, reaching a new annual high of $ 320 on June 30.

In the long term, the asset is expected to show a bullish trend. Market analysts are convinced that the next level that Bitcoin Cash will break through will be $ 360.

According to the CoinMarketCap analytical tracker, at the time of writing, Bitcoin Cash (BCH) is trading at $ 283.05. The virtual coin’s rate has increased by 8%. The asset’s market capitalization is $ 5.9 billion, and daily trading transactions exceeded $ 1.5 billion.