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June 11, 2023
BCH dropped to $102.44, hitting its lowest point in 5 months. Later, it recovered $0.355 and is now trading at $102.8.
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 Bollinger Bands® shows an indication of recovery: the lower band is at $103.65, a low enough level to, generally, suggest that Bitcoin Cash is trading below its fair value. As the day gets underway, chart analysis suggests BCH could begin to recover as it approaches significant support, now $6.79 away from $96. Dipping below could be an indication that further losses are ahead.
All in all, the technical analysis suggests BCH has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Cardano closed at $0.265 (down 3.9%). EOS closed at $0.688 (down 1.18%).
Other assets are showing positive performances as FTX Token leaps up 9.54% to trade around $1.36.
Bitcoin Cash is trading 34.14% lower compared to the $156.95 high it reached over the past year. BCH has a market cap of 2.00 billion with an average daily volume of 78.62 million.
