Bitcoin Cash (BCH)
Bitcoin cash (BCH) experienced a significant increase in value on Monday, reaching a two-month high for the month of October.
The BCH/USD pair reached a peak of $246.98 earlier in the day, after starting at a low of $233.74 during Sunday’s trading session.
This marks the highest point that bitcoin cash has reached since July 31, when its price hit $259.00.
The recent surge in value occurred after breaking through a key resistance level of $245.00, although bulls have since retreated from their earlier positions.
This retreat may be attributed to a collision on the relative strength index (RSI), which hit the 70.00 resistance point.
Currently, the RSI is tracking at 69.53, with BCH priced at $243.30 at the time of writing.
Solana (SOL)
Solana (SOL) has continued its upward momentum into October, extending its bull run for the sixth consecutive day.
After hitting a low of $22.51 on Sunday, the SOL/USD pair climbed to a high of $24.60 during today’s trading session.
This surge has propelled Solana to its highest point since August 15, making it the seventh largest cryptocurrency in the world.
With Solana nearing the key price point of $25.00, the RSI has entered deep into the overbought region.
At present, the RSI is at 74.33, its highest reading since July 17.
Hot Take: Bitcoin Cash and Solana Surge
Bitcoin cash and Solana have both experienced significant surges in value, reaching multi-month highs.
This increase comes as traders pushed these cryptocurrencies above key resistance levels.
Bitcoin cash reached its highest point since July, while Solana achieved its highest level since mid-August.
Their recent momentum has been influenced by factors such as the “Uptober” trend and upcoming U.S. economic data, including the nonfarm payrolls report.
As the cryptocurrency market continues to evolve, it is important to stay informed about these major developments and trends.
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.