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May 23, 2023
Bitcoin Cash went up to $117.15 only to drop back some of the way and is now trading at $116.
A study of BCH's chart reveals various key levels to watch: after reaching the known resistance zone beginning at $114.93, Bitcoin Cash price action retreated approximately $1.06. Concerning technical analysis and more specifically, trend indicators, Bitcoin Cash made an initial breakout above its 21 day Simple Moving Average at $116.42, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, BCH's upper Bollinger Band® is at $120.55, this is a slight indication of a slowdown.
Overall, the technical outlook suggests BCH is likely to remain muted for the immediate future, with no clear-cut direction.
BCH shows positive signs, other assets are also on par: FTX Token is up 9.54% to $1.36. Having closed the previous session at $26,854, Bitcoin is up 1.62% today to currently trade at around $27,300.
Meanwhile, UNICORN Token USD is down to $6.43, losing $0.197, after closing at $6.63 in the preceding trading session.
Bitcoin Cash is now trading 18.23% below its 3-month high of $204.51. BCH has a market cap of 2.25 billion with an average daily volume of 107.19 million.
