Slightly weaker but mostly flat: Bitcoin Cash is currently trading at $109.83 as it maintains an active range between $109.78 and $111.32.
Bitcoin Cash reversed direction at $109.5 support zone and climbed 34 cents above it. Despite being in the red so far in the current trading session, BCH peaked above its 10 day Simple Moving Average around $111.36 — typically an early indicator of a new bullish trend beginning to emerge. BCH's lower Bollinger band is at $105.49, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, looking at the technical analysis landscape, it seems BCH —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, Ripple closed at $0.471 (down 2.12%). Cardano goes down 2% to trade around $0.366. After ending today's session at $24.15, FTX Token lost $0.429 and is trading around $23.72.
Approximately 11 months ago, BCH reached a significant high of $717.11 but has struggled to hold onto its gains and declined 84.57% since then. Bitcoin Cash is currently trading with a market cap of 2.11 billion with an average daily volume of 10.37 million.