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May 26, 2023Tentatively higher from an earlier low of $111.68, BCH is up to $113.63 today, adding $1.69, or 1.51%, to today's closing price of $111.94.
As the trading day comes to an end, chart analysis indicates Bitcoin Cash price action is currently oscillating around the $112.71 resistance level with prices moving above and below several times during the session. Technical analysis trend indicators suggest that BCH made an initial breakout above its 5 day Simple Moving Average at $113.3, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $119.8, thereby suggesting that BCH is becoming overvalued.
All in all, the technical analysis suggests BCH has no clear-cut direction.
Other markets are also showing gains as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. EOS is up 5.26%. Ripple added 2.67% to its value, now trading at $0.466.
Approximately 11 months ago, Bitcoin Cash reached a significant high of $204.51 but has struggled to hold onto its gains and declined 45.26% since then. Bitcoin Cash has a market cap of 2.20 billion with an average daily volume of 104.11 million.
