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June 06, 2023
Tentatively higher from an earlier low of $108.75, BCH is up to $109.48 today, adding $0.724, or 0.67%, to today's closing price of $108.75.
Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Bitcoin Cash's lower Bollinger Band® is at $108.91, indicating that the market is oversold and fertile for new buyers. Visual analysis of Bitcoin Cash's chart shows that Bitcoin Cash is $3.93 away from testing key resistance at $113.4. Peaking above this level could inspire market bulls and open the path to further gains.
Overall, the technical outlook suggests Bitcoin Cash is likely to remain muted for the immediate future, with no clear-cut direction.
Bitcoin Cash shows positive signs, other assets are also on par: having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. TRON is up 0.7%.
At the same time, after ending today's session at $6.63, UNICORN Token USD lost $0.197 and is trading around $6.43.
Bitcoin Cash has shed $74.33 points and is languishing 40.6% lower over the past year, leaving its yearly highs around $182.9 in the rear-view mirror. BCH is currently trading with a market cap of 2.13 billion with an average daily volume of 74 million.
