Bitcoin Cash drops from $120.21 to $117.46, losing $2.75 (2.29%) today.
Trend-focused traders would be interested to note that Bitcoin Cash made an initial break below its 200 day Simple Moving Average at $118.52, a possible indication of a forthcoming negative trend. According to asset volatility analysis, Bitcoin Cash's lower Bollinger Band® is at $110.57, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Support/Resistance levels obtained from chart analysis indicate that BCH could begin to recover as it approaches significant support, now $1.53 away from $115.93. Dipping below could be an indication that further losses are ahead.
All in all, the technical analysis suggests Bitcoin Cash has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, EOS closed at $1 (down 2.72%). UNICORN Token USD closed at $6.43 (down 2.98%).
Other assets are showing positive performances as FTX Token gained 9.54% and is now trading at $1.36.
Bitcoin Cash is trading 57.59% lower compared to the $280.42 high it reached over the past year. BCH has a market cap of 2.28 billion with an average daily volume of 112.56 million.