Without a clear-cut direction, BCH is trading around $109.48 and ranging between $108.74 and $109.54.
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. Bitcoin Cash's upper Bollinger Band® is at $116.89, suggesting that a downward move may follow.
Despite the market lacking direction, technical chart analysis strongly suggests Bitcoin Cash is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen elsewhere as Litecoin closed at $75.59 (down 1.78%). FTX Token closed at $1.38 (down 0.99%). TRON increases 0.64% to trade around $0.053.
Bitcoin Cash is now trading 76.9% below the significant high of $472.68 it set around a year ago. BCH is currently trading with a market cap of 2.11 billion with an average daily volume of 9.53 million.