Trading lower, Bitcoin Cash is currently down $0.794 as it ranges between $120.56 and $122.06 so far today.
Bitcoin Cash could begin to recover as it approaches significant support, now $1.42 away from $119.36. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, BCH peaked above its 3 day Simple Moving Average around $121.84 — typically an early indicator of a new bullish trend beginning to emerge.
Technical analysis shows that BCH (currently on a downtrend) might reverse course and start going up in the short term.
In the meantime, negative performances are also seen in other markets, Binance Coin is down to $287.45, losing $7.39, after closing at $294.84 in the preceding trading session.
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. Having closed the previous session at $0.06, TRON is up 0.79% today to currently trade at around $0.061.
This year has been a bright one for BCH after trading as low as $88.95 and going on to appreciate by 25.81% year to date. BCH is currently trading with a market cap of 2.33 billion with an average daily volume of 12.68 million.