BCH has rallied $3.05, or 2.74%, to now stand at $114.05.
Trend analysis indicates that Bitcoin Cash made an initial breakout above its 10 day Simple Moving Average at $111.92, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $116.08 currently serving as resistance Analysis based on the asset volatility indicates that Bitcoin Cash's upper Bollinger Band® is at $117.59, this is a slight indication of a slowdown. Technical analysis of BCH's past price action reveals multiple support and resistance levels: Bitcoin Cash price action is currently oscillating around the $112.19 resistance level with prices moving above and below several times during the session.
Overall, the technical outlook suggests BCH is likely to remain muted for the immediate future, with no clear-cut direction.
Other markets are also showing gains as Litecoin is up 6.46%. TRON goes up 0.55% to trade around $0.053.
Meanwhile, Dogecoin closed at $0.103 (down 1.09%).
BCH has shed $421.28 points and is languishing 79.15% lower over the past year, leaving its yearly highs around $532.36 in the rear-view mirror. BCH is currently trading with a market cap of 2.20 billion with an average daily volume of 10.62 million.