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June 19, 2023BCH is now trading at $106.93 after tracing out a steady $106.83 – $107.19 range today.
Bitcoin Cash is approaching key support, around 73 cents away from $106.2. 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. BCH made an initial breakout above its 3 day Simple Moving Average at $107.13, a potential indicator of a newly emerging bullish phase. BCH's upper Bollinger Band® is at $117.49 and the lower is $99.9. On the other hand, note that Bitcoin Cash is currently flirting with an active Fibonacci support level around $106.77.
Despite muted price action in Bitcoin Cash, chart analysis indicates it is positioned for a bullish run in the short term.
While Bitcoin Cash is pretty flat so far today, mixed performances are seen elsewhere as FTX Token gained 9.54% and is now trading at $1.36. Cardano is down to $0.259, losing $0.002, after closing at $0.261 in the preceding trading session. Having closed the previous session at $0.115, Algorand USD is up 1.49% today to currently trade at around $0.117.
Bitcoin Cash is now trading 21.1% below its 3-month high of $155.82. BCH is currently trading with a market cap of 2 billion with an average daily volume of 78.23 million.
