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March 08, 2023
Bitcoin Cash drops from $122.26 to $120.18, losing $2.08 (1.7%) today.
With regards to technical trend indicators, chart analysis show 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. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $118.29, a low enough level to, generally, suggest that BCH is trading below its fair value. A study of Bitcoin Cash's historical price actions shows BCH bounced after reaching the $119.35 support zone, climbing 83 cents above it.
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, Solana slides down 4.71% to trade around $19.32. Tezos USD retreats 3.96% to trade around $1.07.
Other assets are showing positive performances as FTX Token rallies 9.54% to trade around $1.36.
BCH reached a significant high of $385.82 around 11 months ago but has lost 68.31% since then. BCH has a market cap of 2.32 billion with an average daily volume of 216.18 million.
