After dropping down to $124.37, BCH recovers some losses and is currently trading at $125.71.
Bitcoin Cash made an initial break below its 21 day Simple Moving Average at $125.41, a possible indication of a forthcoming negative trend. Bitcoin Cash's upper Bollinger Band® is at $129.13, suggesting that a downward move may follow. On the other hand, note that after reaching the $124.07 support zone, BCH bounced and climbed $1.64 above it.
Despite the market lacking direction, technical chart analysis strongly suggests BCH is positioned for a downward move in the near term.
While BCH is pretty flat so far today, mixed performances are seen elsewhere as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. UNICORN Token USD ascends 1.62% to trade around $6.47.
BCH has fallen back around 63.65% over the past 11 months, from a notable high of $345.63. Bitcoin Cash is currently trading with a market cap of 2.43 billion with an average daily volume of 148.88 million.