Struggling to find upward momentum, Bitcoin Cash has shed $1.67 to currently trade at $131.89 as it ranges between $131.89 and $134.61 so far today.
Bitcoin Cash made an initial break below its 10 day Simple Moving Average at $132.48, a possible indication of a forthcoming negative trend. Bitcoin Cash's upper Bollinger Band® is at $138.4 which indicates a further downward move may follow. On the other hand, note that BCH could begin to recover as it approaches significant support, now 96 cents away from $130.93. Dipping below could be an indication that further losses are ahead.
In the short term, BCH is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, Dogecoin falls 5.06% to trade around $0.092. After ending today's session at $2.33, NEAR Protocol lost $0.107 and is trading around $2.22.
Other assets are showing positive performances as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
This year has been a bright one for Bitcoin Cash after trading as low as $88.95 and going on to appreciate by 37.38% year to date. BCH has a market cap of 2.55 billion with an average daily volume of 14.45 million.