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Bitcoin Cash failed to take off after recent network upgrade. On-chain data reveals critical factors behind the bearish BCH price prediction

Bitcoin cash price started a fresh decline below the $120 zone against the US Dollar. The price is now trading below the $118 zone and the 55 simple moving average (4 hours).

The Bitcoin Cash (BCH) trend will be determined by whether the price breaks out or down from its current range

The new Bitcoin Cash Network upgrade is set to be a “tool for expanding financial access.”

Following the recent Bitcoin Cash upgrade on Monday, data reveals that approximately 1,308 fungible tokens and 25,336 non-fungible tokens (NFTs) have emerged on the blockchain. Moreover, the Cashtokens token ecosystem is now accessible through the blockchain explorers 3xpl.com and salemkode.com, allowing users to explore its potential.

On May 15, the Bitcoin Cash (BCH) network underwent a significant upgrade that allowed developers to create tokens with similar attributes to BCH, known as CashTokens. These tokens can be issued by any user on the network.

Bitcoin Cash (BCH), the well-known cryptocurrency network, has recently unveiled an innovative and exciting upgrade, CashTokens, which has sparked significant interest within the digital currency community. This new feature permits anyone utilizing the Bitcoin Cash network to create tokens that possess the same properties as BCH, offering a myriad of potential applications.

BCH developer Jason Dreyzehner states that the latest upgrade incorporates support for CashTokens, which he considers a “tool for expanding financial access.”

In the ever-volatile cryptocurrency market, Lido (LDO), The Graph (GRT), Frax Share (FXS), Injective Protocol (INJ), Conflux (CFX), and Litecoin (LTC) have emerged as today's top gainers. Conversely, Rocket Pool (RPL), XinFin (XDC), Klaytn (KLAY), SUI.IO (SUI), Bitcoin Cash (BCH), and Elrond (EGLD) have experienced losses.

On May 15, 2023, the Bitcoin Cash network achieved another annual milestone by seamlessly integrating four cutting-edge features into its consensus ruleset. At precisely 1:24 p.m. UTC on Monday, the eagerly anticipated upgrade went live, marking a significant leap forward for the peer-to-peer electronic cash platform.

Bitcoin Cash is gearing for an upgrade, which will bring unseen functionality to a proof of work chain.

Created in 2017 as a result of a hard fork of Bitcoin (BTC), Bitcoin Cash (BCH) will reportedly receive a

The upgrade is set to go live on mainnet at noon UTC on Monday.

Bitcoin Cash is set to undergo a significant upgrade on May 15, bringing with it a host of new features and improvements.

Bitcoin Cash, a spin-off of the Bitcoin blockchain, is scheduled to undergo a major upgrade on May 15.

One day to the upgrade, the market has been filled with mixed feelings. But most of the sentiment has diverted to the bearish side.

Bitcoin cash price started a fresh decline below the $120 zone against the US Dollar. The price is now trading below the $120 zone and the 55 simple moving average (4 hours).

Today's cryptocurrency market showcases Kava (KAVA), Woo Network (WOO), Floki Inu (FLOKI), Uniswap (UNI), The Graph (GRT), and Mina Protocol (MINA) as the top gainers, while Bitcoin SV (BSV), Pepecoin (PEPE), SUI (SUI.io), Bitcoin Cash (BCH), Luna Classic (LUNC), and Maker (MKR) have faced losses.

Despite the downturn in the broader crypto market, Bitcoin Cash (BCH) price prediction turns positive after 9% gains in the last three days.

Today's cryptocurrency market highlights Bitcoin SV (BSV), Kava (KAVA), Luna Classic (LUNC), Bitcoin Cash (BCH), SUI (SUI.io), and PEPEcoin (PEPE) as top gainers. On the other hand, Stacks (STX), Casper (CSPR), Render Token (RNDR), Convex Finance (CVX), Injective Protocol (INJ), and Woo Network (WOO) are facing losses.

The token was up 11% on the day, but analysts think the cryptocurrency will not be able to sustain its gains.

Bitcoin Cash (BCH) appears to be rising from the ashes today following its 8.24% growth over the past 24 hours. With its current performance, the cryptocurrency has pared off all losses it has taken on over the past week and is now up 2.74% within that time frame.

Lido DAO (LDO) and Bitcoin Cash (BCH) are the two exceptions from the top 50 altcoins with notable gains.

Bitcoin cash is attempting a recovery wave above the $115 resistance against the US Dollar. The price is now trading near the $118 zone and the 55 simple moving average (4 hours).