Mixed sentiment leads BCH cryptocurrency to trade sideways; establishes tight $116.51 to $117.92 range

Without a clear-cut direction, Bitcoin Cash is trading around $116.79 and ranging between $116.51 and $117.92.

Bitcoin Cash made an initial breakout above its 200 day Simple Moving Average at $116.73, a potential indicator of a newly emerging bullish phase. BCH's upper Bollinger Band® is at $147.42 and the lower is $113.54. BCH is approaching key support, around $4.11 away from $112.68. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

With market volatility ebbing, the current technical outlook indicates Bitcoin Cash will break higher above its recent ranges in the immediate future.

While BCH is pretty flat so far today, mixed performances are seen elsewhere as FTX Token gained 9.54% and is currently trading at $1.36. EOS gained 3.92% and is now trading at $1.16. Cosmos USD is trading around $10.64 (down $0.341).

Having soared to a high of $385.82 approximately 11 months ago, Bitcoin Cash is now trading 69.76% lower. BCH is currently trading with a market cap of 2.26 billion with an average daily volume of 206.84 million.