Bitcoin Cash dropped to $88.85, hitting its lowest point in 4 months. It later recovered $8.15 and is now trading at $97.
Chart analysis indicates Bitcoin Cash could be slowing down soon as it approaches resistance at $99.73. Of course, crossing it might suggest further gains are ahead. Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, Bitcoin Cash's lower Bollinger Band® is at $96.17, indicating that the market is oversold and fertile for new buyers.
All in all, the technical analysis suggests Bitcoin Cash has no clear-cut direction.
Other markets are also showing gains as FTX Token is up 21.08%. Having closed the previous session at $0.074, Dogecoin is up 13% today to currently trade at around $0.084. Cosmos USD is up 14.35%.
Approximately 1 year, 1 day ago, BCH reached a significant high of $717.11 but has struggled to hold onto its gains and declined 87.6% since then. Bitcoin Cash has a market cap of 1.86 billion with an average daily volume of 13 million.