Bitcoin Cash (BCH)
If you’re a crypto enthusiast, you’ll be pleased to know that Bitcoin Cash (BCH) has experienced a positive trend in recent days. In today’s session, the cryptocurrency saw a second consecutive day of gains.
Starting the week at a low of $206.86, BCH/USD reached a peak of $213.89 earlier today. This puts it within striking distance of the resistance level at $225, which was last seen on September 18.
An analysis of the chart reveals that the 10-day moving average (red) remains higher than its 25-day counterpart (blue). Additionally, the relative strength index (RSI) has broken through the previous ceiling at 52.00 and is currently tracking at 54.50.
Bulls now have their sights set on a resistance level at 60.00, which would likely push BCH above $225.
BNB
Formerly known as Binance Coin, BNB has also seen significant movement in today’s trading session. The token has experienced gains for two consecutive days.
BNB/USD reached a high of $213.19 earlier today after starting the week at a low of $208.02. It appears that the native token of cryptocurrency exchange Binance is now aiming for a resistance level at $220.
To achieve this, BNB bulls will need to surpass an upcoming resistance point of 47.00 on the RSI indicator. Currently, BNB is at a reading of 44.41 with the token trading slightly lower at $211.74.
Hot Take: Positive Momentum for BCH and BNB
Both Bitcoin Cash (BCH) and BNB have shown positive momentum in today’s trading session. BCH has climbed for a second straight day, approaching the resistance level at $225. BNB, on the other hand, has risen for two consecutive days and is now targeting a ceiling of $220.
For BCH, the moving averages and RSI indicate a bullish trend, while BNB bulls will need to overcome a resistance point on the RSI to reach their target. These developments suggest potential opportunities for investors and traders interested in these cryptocurrencies.
Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.