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May 12, 2023
Small gain for BCH at $114.1 after ranging between $113.07 and $115.29 today.
Bitcoin Cash made an initial breakout above its 3 day Simple Moving Average at $113.82, a potential indicator of a newly emerging bullish phase. BCH's lower Bollinger Band® is at $111.77, indicating that the market is oversold and fertile for new buyers. On the other hand, note that Bitcoin Cash reversed direction at $115.25 resistance zone and retreated back $1.15 below it.
BCH continues to move higher with technical analysis indicating the trend will continue in the short term.
Other markets are also showing gains as FTX Token is up 9.54%.
At the same time, Bitcoin is down to $26,357, losing $643.42, after closing at $27,000 in the preceding trading session. Litecoin closed at $79 (down 2.54%).
Approximately 11 months ago, BCH reached a significant high of $214.54 but has struggled to hold onto its gains and declined 47.18% since then. BCH has a market cap of 2.21 billion with an average daily volume of 107.72 million.
