Biggest Movers: BCH Hits Fresh Multi-Month High, Whilst MATIC Extends Declines
Bitcoin cash jumped to a new seven-month high on Tuesday as prices surged despite increased bearish sentiment. 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 token drops was the polygon, which has been falling for the fourth day in a row.
Bitcoin Cash (BCH)
Bitcoin Cash (BCH) surged to a new multi-month high on Tuesday, despite crypto market sentiment turning bearish.
After a low of $143.19 earlier in the week BCH/USD climbed to an intraday high of $152.71 in today’s session.
As a result of this surge, Bitcoin cash reached its highest level since July 31, when the price last exceeded $150.
General, BCH is up nearly 20% over the past seven days, with today’s gain following a breakout from the Relative Strength Index (RSI).
Price strength has broken the ceiling at 68.00 and is tracking at 69.88 at the time of writing.
Even though the next visible ceiling is at 71.00, previous gains have begun to fade and the bulls have decided to take profits.
Polygon (MATIC) was one of the leaders last week, but now it has fallen for the fourth session in a row.
MATIC/USD fell to a low of $1.41 on Tuesday, less than a day after the price traded at $1.50.
Polygonal bulls pushed prices deep into overbought territory on Saturday, pushing the token to its strongest level since last April.
As a result of this over-buying, the bears saw this as an opportunity to re-enter the market, lifting the RSI from a high of 75.10 to its current reading of 62.70.
The index is currently hovering just above the 62.00 level and if it is breached, the bears may try to continue the recent decline.
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Can Polygon bounce back from recent losses this week? Let us know your thoughts in the comments.
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Credit : news.bitcoin.com