{"id":17922,"date":"2023-02-21T18:43:32","date_gmt":"2023-02-21T18:43:32","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bch-hits-fresh-multi-month-high-whilst-matic-extends-declines-market-updates-bitcoin-news\/"},"modified":"2023-02-21T18:43:32","modified_gmt":"2023-02-21T18:43:32","slug":"bch-hits-fresh-multi-month-high-whilst-matic-extends-declines-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bch-hits-fresh-multi-month-high-whilst-matic-extends-declines-market-updates-bitcoin-news\/","title":{"rendered":"BCH Hits Fresh Multi-Month High, Whilst MATIC Extends Declines\u00a0 \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Bitcoin cash jumped to a fresh seven-month high on Tuesday, as prices rallied, despite bearish sentiment increasing. Today\u2019s move comes as the global cryptocurrency market cap is trading 1.50% lower at the time of writing. One of the most notable tokens to fall has been polygon, which dropped for a fourth straight day.<\/strong><\/p>\n

Bitcoin Cash (BCH<\/a>)<\/h2>\n

Bitcoin cash (BCH<\/a>) surged to a fresh multi-month high on Tuesday, despite sentiment in crypto markets turning bearish.<\/p>\n

Following a low of $143.19 to start the week, BCH<\/a>\/USD moved to an intraday high of $152.71 in today\u2019s session.<\/p>\n

As a result of this surge, bitcoin cash moved to its highest point since July 31, which is the last time price was above $150.00.<\/p>\n

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BCH<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Overall, BCH<\/a> is up nearly 20% in the last seven days, with today\u2019s gains following a breakout on the relative strength index (RSI).<\/p>\n

Price strength moved beyond a ceiling at 68.00, and at the time of writing, is tracking at 69.88.<\/p>\n

Despite the next visible ceiling being at 71.00, earlier gains have begun to ease, with bulls opting to secure profits.<\/p>\n

Polygon (MATIC)<\/h2>\n

Polygon (MATIC) was one of last week\u2019s big movers, however it has now fallen for a fourth straight session.<\/p>\n

MATIC\/USD dropped to a bottom at $1.41 on Tuesday, less than a day after price was trading at $1.50.<\/p>\n

On Saturday, polygon bulls pushed prices deep into overbought territory by leading the token to its strongest point since last April.<\/p>\n

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MATIC\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

As a result of this over-buying, bears saw this as an opportunity to reenter the market, sending the RSI from a high of 75.10, to a current reading of 62.70.<\/p>\n

The index is now hovering marginally above a floor at 62.00, and should this be broken, bears could attempt to extend recent declines.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

Will polygon rebound from its recent losses this week? Let us know your thoughts in the comments.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, Sharaf Maksumov \/ Shutterstock.com<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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