Bitcoin Cash market update: BCH/USD spikes over 10% leading crypto recovery
- In less than a week BCH/USD has lost over 26% of its value.
- BCH/USD extended the declines on Monday below $260 before finding support at $255.
- BCH is trading at $315 while supported by the 100 Simple Moving Average.
Bitcoin Cash massively trimmed the gains over the weekend and the sessions following the opening on Monday. In less than a week BCH/USD has lost over 26% of its value further causing significant denting in the progress that had been made in the last couple of months.
The initial drop last week failed to find support at $400 allowing further breakdown under $380 and $340 support areas. The trading over the weekend gave way to more declines leading to acute losses not only below $320 but also $300. BCH/USD extended the declines on Monday below $260 before finding support at $255.
With recovering digital assets scattered across the market, Bitcoin Cash is emerging as the biggest daily gainer having added more than 10% on the day. Recovery from the support got a boost on breaking above the 100 Exponential Moving Average (EMA). This propelled Bitcoin Cash above $300 and briefly stepped above $320 hurdle.
Also Read: Bitcoin market overview: BTC/USD blast through $10,500 awakening the bulls
At press time, BCH is trading at $315 while supported by the 100 Simple Moving Average (SMA). The area above $320 is limited by the 100 SMA currently at $331. Further correction upward will battle $340 resistance ahead of the $360 supply zone.
BCH/USD 1-h chart
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
