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June 25, 2023
After hitting its highest point in 1 year at $215.58, Bitcoin Cash dropped by $9.07 and is now trading at $206.51.
Technical chart analysis shows the nearest support level is at $182.64, to be followed by $173.77. Trend-focused traders would be interested to note that investors are seeking long positions as Bitcoin Cash price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Momentum evaluation shows that the Relative Strength Index indicates Bitcoin Cash is in a strong overbought condition. Analysis based on the asset volatility indicates that BCH's upper Bollinger Band® is at $195.71 which indicates a further downward move may follow.
Notwithstanding Bitcoin Cash's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Positive performances can be seen by looking at other markets as FTX Token is up 9.54%. Having closed the previous session at $4.74, UNICORN Token USD is up 7.36% today to currently trade at around $5.08. Algorand USD is up 3.42%.
Bitcoin Cash has gained 11.69% over the last 2 days. Bitcoin Cash is currently trading with a market cap of 4 billion with an average daily volume of 176.42 million.
