Struggling to find upward momentum, BCH has shed $0.925 to currently trade at $133.08 as it ranges between $132.47 and $135.31 so far today.
Trend and momentum analysis indicates that investors are seeking long positions as Bitcoin Cash price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to momentum evaluation, the Relative Strength Index indicates Bitcoin Cash is currently 'overbought' which suggests new gains will be harder to obtain. According to asset volatility analysis, Bitcoin Cash's upper Bollinger Band® is at $140.55 which indicates a further downward move may follow. Technical analysis shows that Bitcoin Cash reversed direction at $131.77 support zone and climbed $1.3 above it.
Notwithstanding BCH's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
In the meantime, negative performances are also seen in other markets, Ethereum is down $35.44 from the beginning of the session and now trades around $1,567. NEAR Protocol is down to $2.43, losing $0.091, after closing at $2.52 in the preceding trading session.
Positive performances can be seen by looking at other markets as FTX Token added 9.54% to its value, now trading at $1.36.
BCH has managed to gain 37.48% so far this year despite trading at lows around $88.95 previously. BCH is currently trading with a market cap of 2.57 billion with an average daily volume of 14.25 million.