BCH cryptocurrency trades up $1.48, approximately 1.15% higher this afternoon

BCH rallies $1.48 (1.15%) deep into the session, trading at $130.39.

Despite posting gains so far today, Bitcoin Cash slid below its 3 day Simple Moving Average at $128.58 in earlier trade — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $131.22, thereby suggesting that BCH is becoming overvalued. On the other hand, note that Bitcoin Cash broke through the $130.32 resistance, climbing 7 cents above it.

Technical analysis suggests there could be an imminent reversal for BCH.

BCH shows positive signs, other assets are also on par: FTX Token is up 9.54%. Ethereum is up 3.68%. Dogecoin is up 3.6% to $0.087.

BCH is now trading 62.7% below the significant high of $345.63 it set around a year ago. Bitcoin Cash is currently trading with a market cap of 2.52 billion with an average daily volume of 129.18 million.