BCH Hits Fresh Multi-Month High, As MATIC Extends Declines – Market Updates Bitcoin News
Bitcoin cash jumped to a new seven-month high on Tuesday as prices rallied, despite rising 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 symbols to fall has been Polygon, which fell for the fourth day in a row.
Bitcoin Cash (BCH)
Bitcoin cash (BCH) rose to a new multi-month high on Tuesday, despite sentiment in crypto markets turning bearish.
After 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 increase, bitcoin cash moved to its highest point since July 31, which is the last time the price was above $150.00.
Overall, BCH is up nearly 20% over the past seven days, with today’s rally following a breakout on the Relative Strength Index (RSI).
Price strength moved above a ceiling at 68.00, and is currently tracking at 69.88.
Despite the next visible ceiling being at 71.00, earlier gains have started to ease, with bulls choosing to lock in profits.
Polygon (MATIC)
Polygon (MATIC) was one of last week’s big movers, but it has now fallen for a 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.
On Saturday, polygon bulls pushed prices deep into overbought territory by taking the token to its strongest point since last April.
As a result of this overbought, bears saw this as an opportunity to re-enter the market, sending the RSI from a high of 75.10 to a current reading of 62.70.
The index now hovers marginally above a floor of 62.00, and should this be breached, bears may attempt to extend the recent declines.
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Will the polygon reverse from recent losses this week? Let us know your thoughts in the comments.
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