Bitcoin Cash (BCH) experienced a significant surge on Tuesday, reaching a one-year high. After starting the week at a low of $197.30, BCH/USD skyrocketed to an intraday peak of $236.64. This increase represented an 18% jump, taking the token to its highest point since May 2022. The surge can be attributed to a breakout above a ceiling at 80.00 on the relative strength index (RSI), which is now at 82.55, indicating overbought conditions. However, bears are likely preparing for a potential change in direction in the coming days.
Meanwhile, Litecoin (LTC) also saw a positive trend, although not as significant as BCH. LTC/USD ended a three-day losing streak by reaching a peak of $89.90. This came after the cryptocurrency hit a bottom of $86.42 within the last 24 hours. The crossing of moving averages, with the 10-day moving average surpassing the 25-day counterpart, signals bullish momentum. However, for this to fully materialize, a breakout above a future ceiling at 58.00 on the RSI is necessary. Currently, price strength is at 56.30.
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