Bitcoin Cash found itself in negative territory on July 5, as traders consolidated profits subsequent to a recent 15-month apex. The cryptocurrency saw a decrease for the third consecutive session, and the cumulative global crypto market capitalization also dipped on Wednesday. Monero also made the list of notable tokens experiencing a decrease in today’s trading.
Bitcoin Cash (BCH)
Bitcoin Cash (BCH) faced a steep drop, decreasing by nearly 9% on Wednesday, with traders persisting in capitalizing on profits subsequent to a recent period of increased value.
The digital currency had surged to a 15-month peak just last Friday, achieving a high point of $329.71.
However, the price descended to a daily low of $258.17 in the current session, following a trading value of $281.46 just the previous day.
BCH/USD – Daily Graph
As observed from the graph, BCH has now experienced a decrease for three consecutive sessions, a sell-off that began when the relative strength index (RSI) descended beneath a peak of 81.00.
At the point of drafting, the index registers at 65.73, slightly under a base level of 66.00.
In summary, this decline appears to be attributed to profit securing, which was initiated when the RSI deeply penetrated into the overbought region.
Monero (XMR) also found itself in negative territory during today’s session, declining for a second straight session.
After reaching a zenith of $169.52 on Tuesday, XMR/USD descended to a low of $161.89 earlier in the day.
The decrease can be attributed to the token’s failure to break past a peak of $173.00 on Monday, after achieving its highest value since February 4.
XMR/USD – Daily Graph
One of the causes of this descent was the RSI, which was unable to breach a resistance level of 73.00.
At the moment, price strength is registering at 63.86, and it seems to be approaching a base level of 58.00.
If the index descends to this base, it is plausible that XMR might decrease to $160.00.
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What do you anticipate being the lowest value Monero could reach this week? We welcome your predictions in the comments.
Frequently Asked Questions (FAQs) about Cryptocurrency Price Drop
What happened to the price of Bitcoin Cash on July 5?
On July 5, Bitcoin Cash experienced a decrease in value, dropping by approximately 9%. This drop came as traders continued to capture profits after a recent increase in value.
Why did the price of Bitcoin Cash fall?
The decline in Bitcoin Cash’s value seems to be the result of profit-taking, which occurred after the Relative Strength Index (RSI) moved deeply into the overbought territory.
What other cryptocurrency experienced a decrease in value?
Monero (XMR) also experienced a decrease in value, dropping for a second consecutive session.
Why did Monero’s price drop?
Monero’s price drop occurred because it failed to break out of a ceiling at $173.00. Another reason is due to the RSI, which was unable to move past a resistance level of 73.00.
What is the lowest point Monero could potentially hit?
If the index moves to a base level of 58.00, it’s plausible that Monero could decrease in value to $160.00.
More about Cryptocurrency Price Drop
- Bitcoin Cash’s Historical Price Data
- Monero’s Historical Price Data
- Understanding the Relative Strength Index – RSI
- Current State of Cryptocurrency Market
- Cryptocurrency Trading Basics