Bitcoin Cash posts light gains on a low-volatility day, ranging between $122.92 – $125.04 and is now at $124.72.
Bitcoin Cash made an initial breakout above its 3 day Simple Moving Average at $124.49, a potential indicator of a newly emerging bullish phase. Despite this, Bitcoin Cash could be slowing down soon; it is getting close to the resistance line and is now at $127.14, only $2.42 away. Crossing the resistance line could, however, suggest that further gains are ahead. Bollinger Band® analysis indicates that current price action is approaching the upper band at $129.72, thereby suggesting that Bitcoin Cash is becoming overvalued.
According to technical analysis, it looks as if Bitcoin Cash likely to continue pointing upward in the short term.
Other markets are also showing gains as FTX Token is up 9.54%. Having closed the previous session at $5.79, Polkadot is up 3.69% today to currently trade at around $6. Tezos USD is up 1.85%.
This year has been a bright one for BCH after trading as low as $88.95 and going on to appreciate by 26.64% year to date. Bitcoin Cash has a market cap of 2.41 billion with an average daily volume of 11.24 million.