The Bitcoin Cash price draws a downward price trend on the 22nd of February. The cryptocurrency had reached a high near the $390.00 mark on the 21st of February.
After which it saw a bearish momentum and continued heading downwards on the price chart. The coin trades with a day’s range of $369.070000 — $381.740000.
1-Day Bitcoin Cash Price Analysis (22nd February)
The Bitcoin Cash price line shows a price trend of disheveled movements. The coin is shown heading down towards the $374 mark after it had reached a price above the $390 level.
After falling below the $374 mark on the 22nd of February, the cryptocurrency kept its trade near between the $370 to $374 range until in the afternoon, when the price moved back above the $378 level.
As of now, the BNBUSD pair stands at a trading price of $374.810000 US Dollars.
Bitcoin Cash: Technical Indicators
The Relative Strength Index (RSI) sees almost no significant variations amongst the values on the chart. The RSI was not observed crossing over or below the levels 30.00 and 70.00. As of now, the RSI lies at 52.49.
The 20-Day Exponential Moving Average (EMA) stands at the bottom for the time of closing, with a value of $374.291167. The 50-Day Moving Average (MA) closed above the BCHUSD pair, at $375.146000.
Cryptocurrency analyst on Trading View Stefan Bode believes that the cryptocurrency is going through immense pressure, however in a strong position. The cryptocurrency is primed for both short-term and long-term trading achievements.
Bitcoin Cash price is going through a test of support and given the support is found price can go up. However, if the cryptocurrency loses support despite adding a new node in the network traders may have to look longterm. Caution is the word!
Featured Image by Shapelined.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan holds no liability towards any investments based on the information provided on this page.