Bitcoin Cash analysis: BCH/USD regains ground as the project celebrates the one-year anniversary

• BCH/USD recovers from Wednesday’s losses.
• BTC.com launches international airdrop to celebrate BCH anniversary.

Bitcoin Cash is changing hands at $763, up 1.3% on a daily basis and unchanged since the start of the day amid general mild recovery on the cryptocurrency market. Bitcoin Cash is the fourth largest coin with the market cap over $13.1B. The trading volume stabilized at $458M with the most significant share of transactions attributed to USDT.  

On August 1 the coin celebrated its first birthday as one year ago it came to existence through the hard fork on Bitcoin blockchain. Bitcoin and Bitcoin Cash supporters are hostile towards each other as the fork was caused by ideological issues around the block size and the transaction speed. Bitcoin Cash price grew over 145% in a year. To celebrate the event, crypto wallet provider and mining pool operator BTC.com launched an international airdrop in 15 largest cities all over the globe. To get free coins, users had to look for BTC.com posters in the streets and scan QR-codes with BTC’s crypto wallet mobile app.

Bitcoin Cash technical picture

From the technical point of view, Bitcoin Cash has recovered from Wednesday’s low registered at $735, but the upside momentum stalled on approach to $770 handle, enhanced by 50-SMA (1-hour chart). The next significant resistance area comes at $776 with the ultimate short-term bullish goal at $800. On the downside, a sustainable movement below $735 will open the way towards $700 and further down to $650.

BCH/USD, 1-hour chart