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March 10, 2023
BCH recovering almost all the way back to $110.16 today, after dipping down to $105.86.
Concerning technical analysis and more specifically, trend indicators, 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. Momentum evaluation shows that the Relative Strength Index indicates BCH is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $107.34, a low enough level to, generally, suggest that Bitcoin Cash is trading below its fair value. Bitcoin Cash chart analysis: BCH could begin to recover as it approaches significant support, now $5.67 away from $104. Dipping below could be an indication that further losses are ahead.
All in all, the technical analysis suggests Bitcoin Cash has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Litecoin is down to $71.06, losing $5.71, after closing at $76.78 in the preceding trading session. TRON is down to $0.057, losing $0.002, after closing at $0.059 in the preceding trading session.
Other assets are showing positive performances as FTX Token is up 9.54% to $1.36.
11 months ago Bitcoin Cash reached a significant high of $385.82 but has consequently lost 71.45% since then. Bitcoin Cash has a market cap of 2.12 billion with an average daily volume of 196.48 million.
