Bitcoin Cash (BCH) is going strong with strong on-chain data support.

• Bitcoin Cash (BCH) has experienced a notable price surge with the token currently trading at $507, with a major support level at $489.4 and a resistance level at $516.4, and the token may exhibit a bullish trend.
• On-chain data shows that most BCH is held for a long period of time, indicating market stability.

Bitcoin Cash has experienced a significant price surge that has captured the attention of analysts as well as investors. At the current transaction price According to Crypto News Flash Market, BCH at $507 is currently cruising through a meaningful technical level that could dictate the long-term and short-term price movements of BCH. Investors should focus on closely monitoring key support and resistance levels to navigate potential market changes.

Ichimoku Cloud, a tool designed to help identify market trends, conducts a close study of BCH’s technical levels, revealing potential support and resistance levels. BCH is currently located between the Ichimoku clouds. Being inside the Ichimoku cloud can result in moments of pure dilemma, while being outside the Ichimoku cloud can result in temporary downward trends.

Ichimoku Cloud consists of several components:

• Conversion Line (Tenkan): Represents the average price over the last 9 periods.
• Baseline (baseline): represents the average price over the last 26 periods.
• Key spans A and B: form a cloud to predict future support and resistance levels.

If the price is above the cloud, it indicates a bullish trend; if the price is below the cloud, it indicates a bearish trend. BCH’s position above the cloud for 4 hours indicates near-term bullish potential.

Among the key levels to pay attention to is the resistance level. For BCH to maintain its upward trajectory, the token should consider breaking a few important resistance levels. Key Fibonacci resistance levels include the 0.382 level at $576.9 and the 0.236 level at $631.1. Conquering these levels will help keep the tokens at safe levels and maintain the upward trend.

The second key factor to note is the level of support. The 0.618 Fibonacci level at $489.4 is important. This level, combined with the 100-period exponential moving average (EMA) at $475.9, provides a strong base for BCH.

Looking closely over the 4-hour period, BCH is observed moving above the Ichimoku cloud, indicating a short-term bullish trend. As long as the price rises above the Ichimoku cloud, BCH is ready to maintain its upward trend.

In this case, BCH would need to move above the $489.4 support level to maintain this bullish outlook.

According to on-chain data, BCH investors will hold approximately 6 million BCH for up to 52 weeks. By analyzing on-chain data, investors gain insight into investor behavior and market sentiment.

The ability of investors to hold BCH assets implies investor confidence, minimizing selling pressure and contributing to the price stability of the token.

Additionally, comparing the fact that 6 million BCH is held for 2-52 weeks to the fact that less than 700,000 BCH is held for 0-2 weeks, the majority of investors holding large chunks have more power, minimizing volatility and increasing upside. Stay on trend.