Bitcoin Cash fell to a 2-month low Wednesday due to the red tsunami that swept cryptocurrency markets. The token dropped by over 10% during today’s session, hitting its lowest level since July. Apecoin also suffered the same fate. It plunged more than 10%.
Bitcoin Cash (BCH).
Bitcoin cash (BCH) dropped to a two-month low in today’s session, as prices plunged by over 10% earlier in the day.
After a Tuesday low of $125.15, the BCH/USD fell to $111.37 on Wednesday.
This plunge saw bitcoin cash fall below its $112.00 long-term ceiling, reaching its lowest point since August 18th.
The chart shows that this is because the relative strength index (RSI), 14 day, failed to surpass the 52 mark this week.
Now, the index is close to 40.90 support level. Bulls are pushing prices higher than $112.00 support point.
In the past, this has seen a lot of bullishness at this time. If this trend continues, BCH may move to $125.00 in the coming days.
Apecoin (APE) also slipped in today’s session, with the token hitting a multi-month low.
Today’s APE/USD bottom was $4.24. It happened less than 24hrs after the close of trading at $4.75.
Like with BCH, today’s decline in apecoin comes as prices moved below a key support point of $4.60.
As a result of today’s low, which saw prices drop by over 10%, APE hit its weakest point since July 14.
This decline had an impact on the RSI. It also fell to a multimonth low. The index is currently at 30.
For now, prices are hovering close to the support level of $4.20 with general sentiment being bearish.
Get weekly price analysis emails sent straight to your inbox by registering your email
Is it possible for apecoin to reach $5.00 each month? Please share your views with us in the comment section.
Image credit: Shutterstock, Pixabay, Wiki Commons, Sharaf Maksumov / Shutterstock.com
DisclaimerInformational: It does not constitute an offer, solicitation, or recommendation of any company, products or services. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the content or use of any goods, services, or information mentioned in the article.