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March 11, 2023
After closing at $111.71 today, Bitcoin Cash began today at $111.71 with significant bullish sentiment driving Bitcoin Cash's price action higher. So far today, price action has drawn out a distinct $109.18 to $115.13 range.
As the trading day comes to an end, chart analysis indicates although Bitcoin Cash is appreciating today after rising as high as $115.13, price action is now slowing and consolidating around $1 below the $113.09 resistance level. Trend-focused traders would be interested to note that Bitcoin Cash made an initial breakout above its 5 day Simple Moving Average at $116.06, a potential indicator of a newly emerging bullish phase.
Overall, the technical outlook suggests Bitcoin Cash is likely to remain muted for the immediate future, with no clear-cut direction.
Bitcoin Cash shows positive signs, other assets are also on par: having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Having closed the previous session at $0.057, TRON is up 2.81% today to currently trade at around $0.059.
At the same time, EOS is down to $1, losing $0.045, after closing at $1.04 in the preceding trading session.
Approximately 11 months ago, Bitcoin Cash reached a significant high of $385.82 but has struggled to hold onto its gains and declined 71.05% since then. BCH has a market cap of 2.21 billion with an average daily volume of 196.64 million.
