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May 04, 2023
Bitcoin Cash slides down from $120.21 to $117.12 today, losing $3.09 (2.57%).
Concerning technical analysis and more specifically, trend indicators, Bitcoin Cash made an initial break below its 200 day Simple Moving Average at $118.52, a possible indication of a forthcoming negative trend. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $110.53, a low enough level to, generally, suggest that BCH is trading below its fair value. Technical analysis shows that Bitcoin Cash could begin to recover as it approaches significant support, now $1.18 away from $115.93. Dipping below could be an indication that further losses are ahead.
With market volatility ebbing, the current technical outlook indicates BCH will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other markets, EOS retreats 2.45% to trade around $1. NEAR Protocol slides down 3.73% to trade around $1.83.
Other assets are showing positive performances as FTX Token is up 9.54%.
Since its 52-week high of $280.42, Bitcoin Cash has lost 57.59% over the last twelve months. Bitcoin Cash is currently trading with a market cap of 2.27 billion with an average daily volume of 112.56 million.
