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June 04, 2023BCH recovers back to $114.67 today after dipping down to $114.31, in a session that follows a previous closing value of $114.92.
Bitcoin Cash made an initial break below its 21 day Simple Moving Average at $114.84, a possible indication of a forthcoming negative trend. BCH's upper Bollinger Band® is at $117.49, suggesting that a downward move may follow. Despite this, Bitcoin Cash is approaching key support, around 49 cents away from $114.18. 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.
Despite the market lacking direction, technical chart analysis strongly suggests BCH is positioned for a downward move in the near term.
While BCH is pretty flat so far today, mixed performances are seen elsewhere as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. EOS is up 1%. UNICORN Token USD ascends 1.62% to trade around $6.47.
Bitcoin Cash has shed $74.14 points and is languishing 39.21% lower over the past year, leaving its yearly highs around $188.63 in the rear-view mirror. BCH is currently trading with a market cap of 2.23 billion with an average daily volume of 77 million.
