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Can Bitcoin Cash (BCH), Compound (COMP), and Zilliqa (ZIL) Still Rally? Price Analysis
Back in the last bull market, and even the one before that, Bitcoin Cash (BCH), Compound (COMP), and Zilliqa (ZIL) were among some of the best known cryptocurrencies. Do you still hold any of these? What are the chances of a resurrection in the latter stages of this bull market?
Series of lower highs for $BCH
Source: TradingView
Back at the height of the 2017 bull market, $BCH, a fork of the Bitcoin blockchain, was trading at $4,300. Coming out of the following bear market the $BCH price was able to attain a respectable $1,642 at the top of the 2021 bull market
However, roll forward to the current bull market, and the $BCH price has had two forays up to $720, and then $640. With the weekly stochastic RSI indicators at the top and looking to cross down, the major horizontal support level at $384 may not hold.
This is a dying cryptocurrency, and while there is always the possibility that a Bitcoin spike to new all-time highs could lift all boats, $BCH would be a risky play if you compare it to other much worthier altcoin contenders.
Series of higher highs for $COMP
Source: TradingView
In its defence, the $COMP bulls have managed to make a series of higher highs from the very beginning of this bull market. The last rally was a 250% gain from bottom to top. That said, the current rally has just not materialised, and the Stochastic RSI indicators on the weekly are nearing the top without hardly a peep from the bulls.
Still, as with all the altcoins, an upside run from Bitcoin can change fortunes rapidly. However, don’t expect $COMP to be among the biggest gainers.
$ZIL weekly chart looks desperate
Source: TradingView
The Zilliqa chart looks quite desperate. No local higher high has been made since early 2024, and it doesn’t look as though this state of affairs is going to change. The Stochastic RSI on the weekly time frame is posturing to cross down and the $ZIL price still hasn’t even left the major bottom support level
Short-term gains possible, but long term holds extremely risky
Taking all the aforementioned cryptocurrencies into account, there is a puncher’s chance that any one, or even all of them, could still do a 3 or 4 x from here. However, it must be borne in mind that this should probably only be a short-term trade, and a risky one at that.
For the longer term, and for those who may still have any of these cryptos in their portfolio, all three are arguably going to zero. Even if they don’t, why on earth would anyone hold them when they could put their money into hugely better-performing or newer technology assets?
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.