Bitcoin Cash Surges Nearly 20% in Seven Days
Bitcoin Cash (BCH) has witnessed a remarkable movement in the past 7 days as its trading price has kept elevating in the mentioned period.
Investors have kept pouring in more money to support the buying trend of Bitcoin Cash which has pushed its price higher.
As a result of the constant buying, Bitcoin Cash has reportedly hit a multi-month high. It was on Tuesday when the trading price of BCH managed to hit a particular level.
In recent weeks, the crypto market sentiments have taken a different turn. They have started to move in the negative zone, mainly turning bearish.
This is the reason why the investments have lowered in favor of many assets. Even the major cryptocurrencies have recorded downtrends in the latest sessions but not BCH.
On Tuesday, the trading price of BCH rose to a high of $152.71 but the asset was at a low of $143.19 as the new week had begun.
This goes to show that the price of BCH has continued moving in the upward zone. Due to the recent surge, the trading price of BCH has managed to hit the highest trading level since July 31, 2022.
It was back on July 31 when the trading price of BCH had managed to make it past the $150 mark. The recent push marks a great surge for the asset, confirming it has the potential to keep on moving higher.
The performance chart for BCH shows that in the past 7 days, the trading price of the asset has moved up by 20%. It was Tuesday’s significant surge that caused the overall performance of BCH to shoot up to a higher level.
The recent rally has even worked wonders for the relative strength index pushing it into bullish territory. It is because of the RSI moving in the bullish zone that the price of BCH has continued rising.
At the moment, the BCH RSI resides at 69.88 and it has already crossed the ceiling level of 68.00. The next ceiling level for BCH is at 71.00 but even then, there are no fears of RSI hitting the ‘overbought’ sentiments.
Polygon Turns Bearish
It was just last week when the performance of Polygon (MATIC) was better than many of the cryptocurrencies in the market.
It ranked among the top movers in the past week’s performance. Unfortunately, it has not been able to sustain the pressure coming in from the bears and has lost its track.
The asset has become bearish in the past four days including the Tuesday trading session. The recent session marked the fourth consecutive day for MATIC and it has continued experiencing a downtrend.
As the new week began, the trading price of MATIC was at a high of $1.50. However, things turned more south as the Tuesday session took place.
It reportedly saw the trading price of the asset move to a lower level. The report shows that the price of MATIC fell to a low of $1.41 on Tuesday, after experiencing a downtrend.
According to the analysis report, the trading price of Polygon started facing a real downtrend on Saturday. On that particular day, the value of the asset entered the overbought zone.
It was all because of the strong buying efforts of the bulls in the trading sessions in the past week. That was the time when the trading price of MATIC had hit a higher level since April 2022.
The RSI report shows that the score of 75.00 was the overbought zone for the asset. It was at 75.10 when the bears started to sell the asset on a large scale. So far, their selling efforts have brought MATIC to a low of 62.70.
If the trend continues, the trading price of MATIC may continue experiencing a downtrend.