Bitcoin Cash crashes after losing $3.19, breaking down to $113.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. A crossing of the lower Bollinger Band® at $114.37 suggests further losses may follow for BCH. Bitcoin Cash broke through the $115.15 support line and dropped $2.14 below it.
Looking forward, Bitcoin Cash is poised to extend its strong downtrend and continue declining.
In the meantime, negative performances are also seen in other markets, Ripple stumbles 3.35% to trade around $0.434. EOS withdraws 3% to trade around $0.937.
Other assets are showing positive performances as FTX Token gained 9.54% and is currently trading at $1.36.
Having soared to a high of $261.77 approximately a year ago, Bitcoin Cash is now trading 55.61% lower. Bitcoin Cash has a market cap of 2.19 billion with an average daily volume of 102.30 million.