Bitcoin Cash is on a bit of a rollercoaster today: spiking to $118.82 only to drop back to $116.62, now rallying again to $117.88.
Concerning technical analysis and more specifically, trend indicators, Bitcoin Cash made an initial breakout above its 10 day Simple Moving Average at $117, a potential indicator of a newly emerging bullish phase. Fibonacci-focused traders would be interested to note that Bitcoin Cash is oscillating around the key Fibonacci resistance level of $118.29. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $124.03, thereby suggesting that BCH is becoming overvalued. Technical analysis of Bitcoin Cash's past price action reveals multiple support and resistance levels: although Bitcoin Cash is appreciating today after rising as high as $118.82, price action is now slowing and consolidating around $3.97 below the $121.85 resistance level.
With market volatility ebbing, the current technical outlook indicates BCH will remain range-bound for the immediate future.
Other markets are also showing gains as Algorand USD is up 5.77% to $0.428. MaticNetwork USD goes up 4.81% to trade around $1.19.
Meanwhile, Solana is down to $31.34, losing $1.36, after closing at $32.7 in the preceding trading session.
BCH reached a significant high of $717.11 around 11 months ago but has lost 83.74% since then. Bitcoin Cash has a market cap of 2.27 billion with an average daily volume of 10.33 million.