BCH slides down $1.48 following previous session close at $127.18

Bitcoin Cash weakened earlier in the day, before moving away from its $125.4 low and recovering back to $125.7.

Bitcoin Cash made an initial break below its 21 day Simple Moving Average at $126.96, a possible indication of a forthcoming negative trend. BCH's upper Bollinger Band® is at $134.18 which indicates a further downward move may follow. Despite this, after reaching the $125.49 support zone, Bitcoin Cash bounced and climbed 22 cents above it.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts Bitcoin Cash to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Bitcoin Cash is expected to attract significant bearish sentiment in the coming days.

In the meantime, negative performances are also seen in other markets, Cardano is down to $0.378, losing $0.013, after closing at $0.392 in the preceding trading session. Dogecoin withdraws 2.42% to trade around $0.09.

Positive performances can be seen by looking at other markets as FTX Token leaps up 9.54% to trade around $1.36.

Bitcoin Cash has shed $231.52 points and is languishing 64.54% lower over the past year, leaving its yearly highs around $358.7 in the rear-view mirror. Bitcoin Cash is currently trading with a market cap of 2.43 billion with an average daily volume of 169.49 million.