07 September 2022
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) 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) 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.
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