Bitcoin Cash (BCH) goes ballistic: Is Bangladesh-based CoinText.io BCH wallet launch the boost?

Bitcoin Cash was like Usain Bolt on steroids yesterday. The asset sprung up towering the crypto skyline with beautiful fireworks. On the contrary the general trend in the market had slowed down considerably after the spike on Monday. However, Bitcoin Cash defied the sideways trend to record gains in excess of 25% in less than 24-hours.

In the previous Bitcoin Cash piece, I talked about how the trade war between the network and Bitcoin SV (BSV), is pushing both of the coins to floor. The two coins are still on each other’s case more than a month since the hard fork split. However, Bitcoin Cash has defied the downtrend to record considerable gains from the lows traded on Tuesday at $85.00.

Bitcoin Cash buyers pushed the asset’s value overpowering the resistance at $100.00. Further gains made it above $120 and touched high of $122.30 during the Asian trading hours on Wednesday. At the time of press, Bitcoin Cash is trading at $112 after correcting lower from the intraday highs. In fact, it has slipped beneath the trendline support at $113.19.

There is an initial support at $110 and slightly below this level, the 50 Simple Moving Average (1-hour range) will offer support as well. The former resistance at $100 has now turned into a support that will come in rescue of BCH in the event bears come back to revenge.

In other news in the market related to Bitcoin Cash, CoinText, a cryptocurrency wallet based in Bangladesh has announced the release of a BCH wallet. The wallet will allow the residents of the nation to send and receive funds by simply using a text message service. It is believed that this could have been the force behind the surge in BCH as investors change their sentiments towards the digital asset.

Read more on CoinText news here.