Bitcoin Cash rallied to $152.62, hitting its highest point in 6 months. It later lost $0.621 and is now trading at $152.
As the trading day commences, technical analysis suggests Bitcoin Cash price action is currently oscillating around the $150.79 resistance level with prices moving above and below several times during the session. Technical analysis trend indicators suggest that investors are seeking long positions as BCH price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to momentum evaluation, the RSI is a momentum oscillator that measures changing price movements on a scale of 0-100. In Bitcoin Cash's case, the index has risen above 70, signalling that the asset is overbought. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $147.77, thereby suggesting that Bitcoin Cash is becoming overvalued.
Notwithstanding Bitcoin Cash's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Other markets are also showing gains as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
Meanwhile, UNICORN Token USD is down to $6.43, losing $0.197, after closing at $6.63 in the preceding trading session. Polkadot goes down 1.16% to trade around $7.47.
This year has been a bright one for Bitcoin Cash after trading as low as $88.95 and going on to appreciate by 50.64% year to date. BCH has a market cap of 2.94 billion with an average daily volume of 134.36 million.