Bitcoin Cash [BCH] stands near tactically important $700; poised to advance further

After resuming a weekend rally, top cryptocurrencies along with Bitcoin Cash [BCH] noted a minor slump which resulted in a weekly loss of 3.55%. The volatility in the market has been steady that orchestrated the crypto-assets uptrend over the past several weeks.

Unlike its peers, BCH hasn’t been able to post an impressive rally as every spike was met with selling pressure, pressing the coin down despite highlighting two prominent positive days. It is yet to reclaim the level last seen in May.

Over the past 24-hours, Bitcoin Cash [BCH] was down by 3.29% which drove the price to $675.38. At the time of writing, the digital asset registered a market cap of $12.77 billion and a 24-hour trading volume of $2.81 billion.

Bitcoin Cash [BCH] Daily Price Chart:

The volume has been moderate and has been struggling to back the price of the BCH token. The uptrend, however, pushed the moving averages below the candlesticks. The 200 DMA [Yellow] gave stiff competition to BCH price candles after falling below them, the 50 DMA [Pink] and the 100 DMA [Blue] appeared to be heading for a bearish crossover in the coming days which, if materialized, would help the crypto-asset to gain much-needed traction and mount higher.

Despite hitting a slump, the capital inflow into the BCH market was still intact as shown by the Chaikin Money Flow [CMF] was continued to rise above the half-line. The gradually decreasing red closing bars of Awesome Oscillator [AO] indicated a weak bearish momentum in the market. The Relative Strength Index [RSI] has managed to stay above the 50-median line even after subsequent pullbacks, that depicted buyers have an upper hand which could be a catalyst for a resumption of the developing rally.

To aim for yearly highs, Bitcoin Cash needs to break above $723-level. The next level of resistance stood at $1,100 and $1,547. The support levels, on the other hand, stood firm at $527, $441, and $379 respectively.