| 
April 08, 2023
BCH is now trading at $124.37 after tracing out a steady $124 – $125.18 range today.
Support/Resistance levels obtained from chart analysis indicate that Bitcoin Cash is approaching key support, around $1.32 away from $123.05. 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. Concerning technical analysis and more specifically, trend indicators, BCH made an initial breakout above its 10 day Simple Moving Average at $125.12, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, BCH's upper Bollinger Band® is at $131.3, suggesting that a downward move may follow.
With market volatility ebbing, the current technical outlook indicates Bitcoin Cash will remain range-bound for the immediate future.
Other markets show mixed performance as FTX Token surges 9.54% to trade around $1.36. Ripple is trading around $0.507 (down $0.006). NEAR Protocol descends 1.7% to trade around $2.
Approximately 11 months ago, BCH reached a significant high of $345.63 but has struggled to hold onto its gains and declined 63.92% since then. BCH is currently trading with a market cap of 2.41 billion with an average daily volume of 160.17 million.
