Bitcoin Cash jumped to a new seven-month high on Tuesday as prices rose despite increased bearish sentiment. Today’s move comes as the global cryptocurrency market cap is trading 1.50% lower as of this writing. One of the tokens that fell most notably was Polygon, which fell for the fourth day in a row.
Bitcoin Cash (BCH
Bitcoin Cash (BCH) surged to a new multi-month high on Tuesday, despite bearish sentiment in the crypto markets.
Following a low of $143.19 earlier in the week,BCHrallied; BCH/USD /USD moved to an intraday high of $152.71 in today’s session.
As a result of this surge, Bitcoin Cash moved to its highest point since July 31, the last time prices were above $150.00.
Overall,BCHhas gained nearly 20% over the past seven days, with today’s gain following a breakout in the Relative Strength Index (RSI).
Price strength has moved above the 68.00 ceiling and is tracking at 69.88 as of this writing.
Despite the next ceiling at 71.00, the previous rally has begun to ease and bulls have opted to take profits.
Polygon (MATIC)
Polygon (MATIC) was one of the big movers last week and has now fallen for four consecutive sessions.
MATIC/USD fell to a bottom at $1.41 on Tuesday after trading at $1.50.
On Saturday, the polygon bull pushed prices deeper into overbought territory by leading the token to its strongest point since last April.
As a result of this overbought, bears saw this as an opportunity to re-enter the market and the RSI rose from a high of 75.10 to its current 62.70 value.
It is currently just above the lower limit of 62.00, and if this is broken, the bears could attempt to extend their recent decline.
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