The color red was painted across the crypto market. There was a crypto carnage that had taken over the market. Bitcoin Cash[BCH], XRP, Cardano [ADA] were all slumping by a huge majority returning all the gains they secured in the recent bull run. While Bitcoin is still at $23K, it was slumping by 1.94% in the last 24-hours. XRP had fallen down by 51.07% over the last seven days in terms of price. The altcoin also took a blow with regard to its market cap as stablecoin, Tether took over XRP as the third-largest crypto coin.
At the time of writing, Bitcoin Cash was seen drowning in the red sea. BCH was trading for $278.65 with an 8.67% drop in its price over the last 24-hours. The altcoin had recently made way for Litecoin and gave up its position as the fifth-largest cryptocurrency. During press time, the market cap of BCH was at $5.23 billion.
Bitcoin Cash [BCH] One Hour Price Chart
The one hour price chart of Bitcoin Cash [BCH] restored some hope in the market. The volume in the market seemed quite low compared to before. The daily moving average indicator revealed a bearish sentiment the last few days as the 50 daily moving average [Blue] was above the candlesticks. However, at the time of writing, the 50 daily moving average was seen moving below the candlesticks. Bullish sentiment was noted as the 100 daily moving average [Red] was below the 50 daily moving average.
Bitcoin Cash [BCH] Price Chart With Key Indicators
In the short term price chart of Bitcoin Cash, all the indicators seemed to be wishing well for the altcoin. The Bollinger Bands were finally converging after witnessing an increase in volatility all this while. The Stochastic RSI indicator revealed that it was heading back from the overbought zone. The Chaikin Money Flow [CMF] indicator was seen climbing back into the bullish realm.