Wednesday, 22 February 2023
by Berkeley Lovelace
Bitcoin cash jumped to a fresh seven-month high on Tuesday, as prices rallied, despite bearish sentiment increasing. Today’s move comes as the global cryptocurrency market cap is trading 1.50% lower at the time of writing. One of the most notable tokens to fall has been polygon, which dropped for a fourth straight day.
Bitcoin cash (BCH) surged to a fresh multi-month high on Tuesday, despite sentiment in crypto markets turning bearish.
Following a low of $143.19 to start the week, BCH/USD moved to an intraday high of $152.71 in today’s session.
As a result of this surge, bitcoin cash moved to its highest point since July 31, which is the last time price was above $150.00.
Overall, BCH is up nearly 20% in the last seven days, with today’s gains following a breakout on the relative strength index (RSI).
Price strength moved beyond a ceiling at 68.00, and at the time of writing, is tracking at 69.88.
Despite the next visible ceiling being at 71.00, earlier gains have begun to ease, with bulls opting to secure profits.
Polygon (MATIC) was one of last week’s big movers, however it has now fallen for a fourth straight session.
MATIC/USD dropped to a bottom at $1.41 on Tuesday, less than a day after price was trading at $1.50.
On Saturday, polygon bulls pushed prices deep into overbought territory by leading the token to its strongest point since last April.
As a result of this over-buying, bears saw this as an opportunity to reenter the market, sending the RSI from a high of 75.10, to a current reading of 62.70.
The index is now hovering marginally above a floor at 62.00, and should this be broken, bears could attempt to extend recent declines.
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Will polygon rebound from its recent losses this week? Let us know your thoughts in the comments.