Bitcoin Cash May Dethrone Dogecoin If Bollinger Bands Upside Signal Plays Out

Bitcoin Cash (BCH) is a standout performer in the broader digital currency ecosystem as its price has decoupled from that of Bitcoin. While the BCH price has jumped by over 2% in the past 24 hours to $529.29, the Bitcoin price has shed 0.68% to trade at $68,589.27.

Bitcoin Cash and Dogecoin dominance

Many indicators are backing a Bitcoin Cash rebound on the market. Since the digital currency dethroned Cardano from the top 10 list of cryptocurrencies, it has been recording a steady uptrend.

As of writing time, Bitcoin Cash has a positive trading volume, which has jumped by 7.93% to more than $482 million. This daily trading volume is a sign that the price uptick is not a product of speculation, but one backed by demand.

One important signal to watch for Bitcoin Cash is the Bollinger Bands. As of writing time, the $529 BCH price is hovering around the middle band, a sign that the developing uptrend is not yet fully shaped. 

If it does, the BCH price is bound to add more value in the short term, giving a good edge in the market ranking.

Is Dogecoin at risk?

Bitcoin Cash is one of the oldest digital currencies but largely considered undervalued due to its market valuation. Over the past few years, BCH has made an entry into the top 10 and has also displaced, as is common with different assets in this regard.

With the current uptick, it remains unknown if Bitcoin Cash bulls have what it takes to help sustain the digital currency. Should the market recover, Cardano is still likely to displace Bitcoin Cash from the top 10, as it is known to have suffered more drawdown in the wake of the crypto crash.

BCH remains a top asset to watch with the potential to outperform rivals in the mid- to long term.