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February 28, 2023
Bitcoin Cash slides down from $135.15 to $132.15 today, losing $3 (2.22%).
Bitcoin Cash made an initial break below its 21 day Simple Moving Average at $132.81, a possible indication of a forthcoming negative trend. Despite this, Bitcoin Cash could begin to recover as it approaches significant support, now $2 away from $130.13. Dipping below could be an indication that further losses are ahead.
In the short term, BCH is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, Cardano withdraws 3.2% to trade around $0.353. Algorand USD is down $0.01 from the beginning of the session and now trades around $0.246.
Positive performances can be seen by looking at other markets as FTX Token gained 9.54% and is now trading at $1.36.
Having soared to a high of $385.82 approximately 10 months ago, Bitcoin Cash is now trading 64.97% lower. BCH has a market cap of 2.55 billion with an average daily volume of 203.52 million.
