While the cryptocurrency market was mostly lower, bitcoin cash rose to a one-week high in today’s session. At the time of writing, the global cryptocurrency market cap is down 2.45% as traders react to rising geopolitical tensions. Polkadot was a noteworthy drop coin as the price collided with a key support point.
Bitcoin Cash (BCH)
Bitcoin Cash (BCH) surged to a one-week high on Wednesday, even as the cryptocurrency market was mostly lower.
BCH/USD surged to an intraday high of $109.09 earlier today, following Tuesday’s low of $103.09.
The move saw BCH reach its highest point since Nov. 8, when the token traded near highs of $120.00.
As you can see from the chart above, today’s highs have brought Bitcoin Cash closer to the key resistance at $110.00.
The 14-day relative strength index (RSI) was also higher, breaking above its own upper limit.
Currently, the index is tracking at 46.52, above the aforementioned upper limit of 45.00.
Polkadot (DOT), on the other hand, returned to losses on Wednesday, winning two straight days in the process.
DOT/USD is down 5% in today’s trade, falling to a low of $5.72.
Today’s drop brought the coin closer to its support at $5.60, which was largely in place last week.
Looking at the chart, the RSI also fell to its bottom, with the index falling to support at 41.00.
If the index breaks below that, we could see polkadot head towards $5.30, which would be a two-year low.
Traders are also likely to keep an eye on the moving averages as the indicator still looks poised for further downside momentum.
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Could we see a further drop in polkadot in the coming days? Let us know your thoughts in the comments.
Eliman brings an eclectic perspective to market analysis and was previously a brokerage director and retail trading educator. Currently, he serves as a commentator on various asset classes, including cryptocurrencies, equities, and foreign exchange.
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