Bitcoin Cash (BCH) Bounces Back with 6% Gain
Bitcoin cash (BCH) experienced a 6% increase on Tuesday, marking a turnaround after recent price declines. The cryptocurrency dropped to a low of $181.38 at the start of the week, but quickly rose to a peak of $198.93.
With this rally, bitcoin cash broke its four-day losing streak and avoided falling below the support level of $180.00. The rebound in price seems to have encouraged bulls to reenter the market. The 14-day relative strength index (RSI) also rebounded from its floor at the 35.00 mark and is currently at 37.58.
If the positive momentum continues throughout the week, there is a strong possibility that BCH could reach a key resistance level of $220.00.
Solana (SOL) Rebounds from Multi-Month Low
Solana (SOL) also experienced a resurgence during Tuesday’s session, bouncing back from a multi-month low. The SOL/USD pair reached a peak of $18.66, following a bottom of $17.46 the previous day.
However, the gains made earlier in the day have slightly diminished as bulls struggled to break through the $19.00 mark. As a result, some traders have chosen to secure their profits rather than hold positions in the face of uncertainty.
Hot Take: Bitcoin Cash and Solana Show Signs of Recovery
Both Bitcoin Cash (BCH) and Solana (SOL) have demonstrated signs of recovery, with BCH experiencing a 6% gain and SOL rebounding from a multi-month low. Bitcoin cash’s rally has broken a four-day losing streak and the 14-day RSI indicates a positive trend. If the momentum continues, BCH could reach a key resistance level of $220.00. Similarly, Solana has seen a resurgence after hitting a recent low, although gains have waned near the $19.00 mark. Traders are now taking profits amid uncertainty. These recoveries suggest a potential upward trend for both cryptocurrencies.
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