Bitcoin Cash Loses 10% In Last 24 Hours, Despite 40% Hike In Trading Volume

Bitcoin Cash lost 24% in 12 days. Due to the broader market crash, leading coins such as Bitcoin (BTC), and Ethereum (ETH), have experienced double-digit losses in the last 26 days.

  •         BCH support present at $113.2
  •         Bitcoin Cash key resistance spotted at $117.44
  •         BCH price currently trades at $115.65

Bitcoin Cash already lost 10% within the past 24 hours. This despite a 40% increase in trade volume during the past 30 day.

The total market capitalization for cryptocurrencies fell by almost 5% since the beginning of this month. Bitcoin Cash (BTC) has been affected by the wider market downturn. BTC has strong correlation to Bitcoin Cash.

BCH gained 40% over the past 30 trading days and traded at $145.92 by August 15. The assessments of BCH’s price changes on a daily chart also did not provide optimistic information.

Since August 19, investors have been steadily reducing their BCH holdings.

Relative Strength Index(RSI), Money Flow Index [MFI] and Chaikin Monkey Flow® (CMF) all fell below their neutral areas due to the increased coin distribution.

The Bitcoin Cash price trading at $115.65

Based on CoinMarketCapBitcoin Cash is currently trading at $115.65, or up by 0.05 percent as of press time.

As of the writing date, the RSI had been at 40. This coin has a CMF of 0.20 and an MFI 39. The BCH coin’s buying pressure had declined over the past three days.

Bitcoin Cash currently trades close to $113.894348144531, which is around its five-day lowest. It is currently trading close to its five days low of $113.8943481445351 and its five-day high of 14.46%.

Bitcoin Cash’s current price is above the barrier. Bitcoin Cash could be volatile if the rally ends. Support is at $113.2, and resistance at $117.44.

Bitcoin Cash trades have been quiet in recent months. This indicates that today’s volume is lower than the volume average for the previous seven days.

BCH Investors Losing Money?

On August 15, less than 15 addresses exchanged BCH currency. The BCH network had 16,400 active addresses at the time this article was published. It has fallen by 71% in the last 12 days.

During the same time period, the network’s transaction volume also decreased by more than 50%. BCH’s transaction volume, measured in USD, dropped from $93.79 million to $9.63 million in less than 15 days.

Mining on the network has seen the rewards that miners have received from block subsidies and transaction fees since August 15, increase by 10% despite the drop in BCH coins’ price during this period.

According to MVRV (Market Value Realized Value) (for 30-days), the percentage BCH investors that made money during the previous month was negative (16.58).

Also, the statistic had a negative number of -51.21 for a period of 365. This showed that BCH investors had lost a lot of money over the past year.

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