Bitcoin cash fell to a two-month low on Wednesday, as a red wave swept through cryptocurrency markets. The token dropped by over 10% during today’s session, hitting its lowest level since July. Apecoin saw a similar fate, plunging by over 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.
Following a low of $125.15 on Tuesday, BCH/USD slipped to a low of $111.37 during hump day.
The decline sees bitcoin cash plunge below its long-term floor of $112.00, hitting its lowest point since July 18 in the process.
As seen from the chart, this drop comes as the 14-day relative strength index (RSI) failed to break out of a ceiling at the 52 mark earlier this week.
The index is now tracking close to a support point of 40.90, with bulls pushing prices back above the support point of $112.00.
Historically, there has been a high level of bullish pressure at this point, and should this history repeat itself, we could see BCH move back towards $125.00 in coming days.
Apecoin (APE)
Apecoin (APE) also slipped in today’s session, with the token hitting a multi-month low.
APE/USD landed at a bottom of $4.24 earlier today, less than 24 hours after 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.
The decline impacted the RSI, which also moved to a multi-month low, with the index currently tracking under 30, deep in bear territory.
Prices now hover close to a support point of $4.20, with overall sentiment predominantly bearish, for now.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you believe apecoin can hit $5.00 this month? Let us know your thoughts in the comments.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Sharaf Maksumov / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Comments (No)