Without a clear-cut direction, Bitcoin Cash is trading around $107.1 and ranging between $106.41 and $107.27.
Bitcoin Cash made an initial breakout above its 3 day Simple Moving Average at $107, a potential indicator of a newly emerging bullish phase. BCH's upper Bollinger Band® is at $122.23 and the lower is $102.04. BCH is approaching key support, around $1.94 away from $105.16. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite muted price action in BCH, chart analysis indicates it is positioned for a bullish run in the short term.
Meanwhile, mixed performances are seen elsewhere as Ripple closed at $0.459 (down 0.56%).
Approximately 11 months ago, Bitcoin Cash reached a significant high of $717.11 but has struggled to hold onto its gains and declined 85.07% since then. Bitcoin Cash is currently trading with a market cap of 2 billion with an average daily volume of 8.46 million.