Is Bitcoin Cash Going to Zero? BCH Price Plummets 7.7% as New Bitcoin Startup Surges Past $300,000
Bitcoin Cash (BCH) has been treading a downward path since its brief surge in August.
After an 18% leap on August 29, BCH has been unable to keep the rhythm, falling below significant EMAs and retreating back to the trading range it has seen since August 17.
BCH's 20-day EMA is currently $199.5, a beat ahead of the current price of $192. Additionally, the 50-day and 100-day EMAs, at $207.7 and $199 respectively, stand as dynamic resistances, towering over the present price level.
BCH's position beneath these pivotal EMAs, particularly the long-term 100-day EMA, sets a bearish tempo for the cryptocurrency. The potential bearish crossover of the 20 and 50-day EMAs with the 100-day EMA amplifies this bearish stance.
BCH's Relative Strength Index (RSI) currently reads 42.07, dropping a beat from the previous day's 43.02. This drop in the RSI indicates an increase in selling activity.
The MACD histogram has also stepped down to 0.5 from the previous day's 0.6. This descending trend in the MACD histogram signifies the increasing dominance of the bears.
Despite the bearish indicators, there has been a minor uptick in BCH's market cap and trading volume.
The market cap has grown by 0.57% to reach $3.7 billion, and the 24-hour trading volume has seen a substantial increase of 64.95%, reaching $171.6 million.
This could indicate a growing interest and trading activity as BCH approaches important support levels.
On the road ahead, BCH encounters immediate resistance at the 100-day and 20-day EMAs of $199 and $199.5.
Venturing beyond, the horizontal resistance zone of $205 to $215.8 casts a long shadow, especially with its overlap at the 50-day EMA of $207.7.
Conversely, BCH finds immediate support at the horizontal support zone of $177.1 to
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