Bitcoin cash price has dropped below all moving averages and is currently trading bearish. Bitcoin cash was unable to break through the $820 resistance level from the past few days but did manage to hold steady at the support of $520. In recent weeks, Bitcoin Cash has been in a state of decline while other coins have risen significantly. There are several possible reasons for this downturn including increased international regulations, greater centralization within the network, and an increase in transaction fees on BCH relative to BTC.
BCH’s price dropped below all moving averages and is now trading bearish. Bitcoin cash was unable to break through the 100-DMA resistance level but fails to hold 200-DMA. BCH/USD volume remains low as well with only about $2,710,648,578 worth of BCH changing hands over 24 hours.
The price has been in a steady decline for the past few weeks as transaction fees on Bitcoin cash relative to bitcoin have increased, regulation of cryptocurrencies around the world intensifies, and centralization within Bitcoin Cash increases.
With these three reasons combined it appears unlikely Bitcoin Cash will be able to reverse its current downward trajectory anytime soon which may end up leading to more losses from those
Technical parameters looking week
BCH heading towards the oversold zone, as RSI is suggesting over the chart. with no sign of significant recovery.
MACD gives bearish crossover and stochastic is trading in the oversold region. MACD gives bearish crossover while stochastic is trading in the oversold region, Bitcoin Cash could soon move to an undervalued position with insider selling pressure or a retest of previous downswing lows at $460 levels.
volume needs to need to improve in order to avoid a further drop
Bitcoin cash dropped below its 20 days, 40 days, and 200 day SMA for the first time on May 19, 2021, at 07:00 UTC when it was priced at around $455 USD per coin according to CoinMarketCap data and this places bitcoin cash under pressure with other cryptocurrencies.