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June 28, 2023
Bitcoin Cash posts light gains on a low-volatility day, ranging between $222.9 – $235.03 and is now at $229.68.
Visual analysis of Bitcoin Cash's chart shows that although Bitcoin Cash is appreciating today after rising as high as $235.03, price action is now slowing and consolidating around $10.11 below the $239.79 resistance level. Trend-following investors would be interested to note that despite posting gains so far today, BCH slid below its 3 day Simple Moving Average at $230 in earlier trade — an early indicator that a negative trend could be emerging. According to momentum evaluation, the Relative Strength Index indicates Bitcoin Cash is in a strong overbought condition.
Overall, while BCH has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Other markets are also showing gains as FTX Token gained 9.54% and is now trading at $1.36.
At the same time, after ending today's session at $0.127, Algorand USD lost $0.008 and is trading around $0.119. Cardano stumbles 4.82% to trade around $0.272.
BCH has fallen back around 2.04% from the significant high of $233.47 set 2 days ago. BCH has a market cap of 4.46 billion with an average daily volume of 334.53 million.
