BCH Price Prediction March 7 Verdict: Will Market Reality Align with Analyst Calls?

• BCH holds strong above $390, eyeing $420 resistance for further breakout.
• Derivatives trading surges, signaling increased market confidence in BCH.
• RSI nears overbought levels, suggesting potential short-term price correction.

Bitcoin Cash (BCH) has seen substantial gains during a broader crypto market recovery. Investors have responded favorably to recent geopolitical developments, especially U.S. Commerce Secretary Howard Lutnick’s statement regarding potential tariff reductions on Canada and Mexico. 

This has boosted risk appetite, with funds flowing into Bitcoin Cash and other altcoins. Market participants are now keen to see if the current price momentum aligns with analysts’ predictions as March 7th approaches.

BCH Price Jumps 12% on Trading Volume Surge

BCH is currently priced at $398.33 , reflecting a 12.49% increase in the last 24 hours. This upward move signals strong buying pressure, further supported by a 91.11% rise in 24-hour trading volume, reaching $1.09 billion. Also, the market capitalization has climbed 12.47% to $7.9 billion, underscoring growing investor confidence.

The price chart shows a consistent upward movement, with BCH posting steady gains. However, the recent pullback from the $420 level suggests that sellers are active at higher price points. 

$420 Resistance Key to Next BCH Price Target

If BCH maintains its position above $390, another attempt to break the $410-$420 resistance zone is likely. A successful breach above this range could position BCH to target the $450 level.

$354 Support & $410-$420 Resistance Define BCH Range

Key Support and Resistance Levels: 

Support for BCH is evident around the $354 level, which previously acted as a price floor. Resistance has been identified at the $410-$420 range, where selling pressure has caused price rejections. 

BCH Breakout Could Target $450; $390 Support Crucial

If BCH overcomes this resistance, it could extend gains toward $450 or higher. Conversely, failure to maintain momentum above $390 might lead to a retest of lower support zones.

RSI Nears Overbought, MACD Confirms Bullish Trend

The Relative Strength Index (RSI) currently stands at 66.61, approaching the overbought threshold of 70. This suggests that buying momentum remains strong but also signals a potential short-term correction if market conditions shift.

Meanwhile, the Moving Average Convergence Divergence (MACD) indicator reinforces the bullish sentiment. The MACD line is at 12.52, surpassing the signal line at 0.50, confirming upward momentum. However, traders should monitor the histogram, which remains at -12.02, as any shift could indicate weakening momentum.

Additionally, derivatives market data shows heightened activity. According to Coinglass data , BCH trading volume in derivatives has surged by 131.08% to $1.86 billion, and open interest has risen by 44.53% to $367.98 million. This signals an influx of new positions, further strengthening the bullish case for BCH.