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February 27, 2023
Struggling to find upward momentum, Bitcoin Cash has shed $1.96 to currently trade at $134.33 as it ranges between $133.95 and $137.92 so far today.
Bitcoin Cash could begin to recover as it approaches significant support, now 52 cents away from $134.85. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, BCH peaked above its 10 day Simple Moving Average around $136.66 — typically an early indicator of a new bullish trend beginning to emerge.
Technical analysis indicates that Bitcoin Cash (currently on a downtrend) might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, MaticNetwork USD is down to $1.23, losing $0.05, after closing at $1.28 in the preceding trading session. Chainlink USD closed at $7.2 (down 3.78%).
Positive performances can be seen by looking at other markets as FTX Token jumps 9.54% to trade around $1.36.
Bitcoin Cash has fallen back around 64.67% from the significant high of $385.82 set 10 months ago. BCH is currently trading with a market cap of 2.60 billion with an average daily volume of 185.46 million.
