BCH recovering almost all the way back to $131.61 today, after dipping down to $128.41.
Technical analysis shows that Bitcoin Cash is currently alternating around $130.24 with price action moving above and below this key level throughout the session. Technical analysis trend indicators suggest that despite being in the red so far in the current trading session, BCH peaked above its 21 day Simple Moving Average around $132 — typically an early indicator of a new bullish trend beginning to emerge. Analysis based on the asset volatility indicates that Bitcoin Cash's upper Bollinger Band® is at $139.52 which indicates a further downward move may follow.
Overall, the technical outlook suggests BCH is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, TRON is down to $0.065, losing $0.002, after closing at $0.067 in the preceding trading session.
Positive performances can be seen by looking at other markets as FTX Token is up 9.54%. Chainlink USD is up 8.47%.
This year has been a bright one for BCH after trading as low as $88.95 and going on to appreciate by 40.46% year to date. BCH is currently trading with a market cap of 2.52 billion with an average daily volume of 9.76 million.