Tough start for Bitcoin Cash this morning following 0.4% decline; now at $119.45

Bitcoin Cash is down to $119.45, after ending today at $119.94. Overall, a 0.4% loss or $0.482 today.

Trend analysis indicates 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, Bitcoin Cash's lower Bollinger Band® is at $116.39, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. As the trading day commences, technical analysis suggests BCH could begin to recover as it approaches significant support, now $2.07 away from $117.39. Dipping below could be an indication that further losses are ahead.

With market volatility ebbing, the current technical outlook indicates BCH will remain range-bound for the immediate future.

Other assets are showing positive performances as FTX Token gained 9.54% and is now trading at $1.36. Having closed the previous session at $6.37, UNICORN Token USD is up 1.62% today to currently trade at around $6.47.

BCH has fallen back around 62.06% over the past 11 months, from a notable high of $316.1. Bitcoin Cash has a market cap of 2.31 billion with an average daily volume of 113.97 million.