BCH trades at $119.67 after gaining $1.54 (1.3%).
Bitcoin Cash made an initial breakout above its 200 day Simple Moving Average at $118.27, a potential indicator of a newly emerging bullish phase. Crossed the $118.39 Fibonacci level, next level is at $120.9. Bitcoin Cash's lower Bollinger Band® is at $112.38, indicating that the market is oversold and fertile for new buyers. On the other hand, note that Bitcoin Cash could be slowing down soon; it is getting close to the resistance line and is now at $119.42, only 24 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Examining the technical analysis landscape, BCH might continue its downtrend in the short term.
Other markets are also showing gains as FTX Token is up 9.54%. UNICORN Token USD gained 1.62% and is currently trading at $6.47.
In the meantime, TRON trades close to $0.067, with no major change.
Since its 52-week high of $305.52, BCH has lost 61.37% over the last twelve months. Bitcoin Cash has a market cap of 2.32 billion with an average daily volume of 113.30 million.