Jamal Al-Farouq Bitcoin Cash (BCH) experienced a significant boost on Tuesday, reaching its highest point in a year, driven by ongoing investor interest following its listing on the EDX markets last week. The newly established exchange, supported by prominent entities such as Citadel, Sequoia Capital, and Fidelity, included BCH as part of its offerings. Additionally, Litecoin was also introduced on the platform.
Bitcoin Cash (BCH)
Bitcoin Cash (BCH) stood out as one of the noteworthy gainers on Tuesday, witnessing a remarkable surge to a one-year high.
After starting the week with a low of $197.30, BCH/USD skyrocketed to an intraday peak of $236.64 earlier today.
Consequently, Bitcoin Cash climbed nearly 18% from this peak, reaching its strongest position since May 2022.
BCH/USD – Daily Chart
Analyzing the chart, the breakout above the 80.00 level on the Relative Strength Index (RSI) appears to be one of the key factors driving today’s surge.
Currently, the RSI is at 82.55, indicating a deep overbought condition, coinciding with a 120% price increase over the past seven days.
Bears may already be circling the token, anticipating a potential shift in direction in the coming days.
Litecoin (LTC)
Litecoin (LTC) also found its way onto the EDX platform, although its price growth hasn’t matched that of BCH.
LTC/USD broke a three-day losing streak on Tuesday, reaching a peak of $89.90 earlier in the day.
This rebound occurred within 24 hours of the cryptocurrency hitting a low of $86.42, despite a recent crossover of moving averages.
LTC/USD – Daily Chart
The 10-day moving average (red) rose above its 25-day counterpart (blue), which is typically indicative of bullish momentum.
However, for this trend to fully materialize, a breakout above the upcoming 58.00 level on the RSI will be necessary.
Currently, the price strength is at 56.30.
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We would love to hear your thoughts on the factors contributing to the recent Bitcoin Cash rally. Share your opinions in the comments section.
Table Of Contents
Frequently Asked Questions (FAQs) about cryptocurrency rally
What led to the surge in Bitcoin Cash and Litecoin prices?
The surge in Bitcoin Cash and Litecoin prices was primarily driven by their listing on the EDX markets, which garnered increased investor interest and buying activity.
How high did Bitcoin Cash reach during the rally?
Bitcoin Cash reached a one-year high, with prices surging to an intraday peak of $236.64.
What indicators contributed to the Bitcoin Cash rally?
The breakout above the 80.00 level on the Relative Strength Index (RSI) and a significant price increase of 120% in the last seven days were key indicators behind the Bitcoin Cash rally.
Was Litecoin also listed on the EDX platform?
Yes, Litecoin was also listed on the EDX platform, but its price growth did not match that of Bitcoin Cash.
What factors influenced the rebound in Litecoin prices?
Litecoin experienced a rebound after a three-day losing streak, supported by the crossover of moving averages, indicating potential bullish momentum.
What should be expected in terms of price direction for Bitcoin Cash and Litecoin?
While the market is currently bullish, there is anticipation of a potential reversal in the coming days, with bears closely monitoring the tokens’ performance.
More about cryptocurrency rally
- Bitcoin Cash (BCH) – CoinMarketCap
- Litecoin (LTC) – CoinMarketCap
- EDX markets
- Relative Strength Index (RSI) – Investopedia
5 comments
bitcoin cash nd litecoin r really goin wild wth their surge, wow!! da listing on da EDX markets reely sparked interest n prices went sky high! bullz r dominant but bearz watch out 4 a potential reversal!
Bitcoin cash & Litecoin be stealin’ da spotlight wth their mad rally! EDX markets sure did boost ’em up. bulls r rockin’ it, but who knows if bears r waitin’ 4 a turn in da tide?
BCH & LTC made a crazy jump afta gettin’ listed on EDX markets! prices soared, breakin’ records. looks like bulls r runnin’ da show, but hey, bears cud make a comeback soon!
btc cash & ltc r on fire! EDX marketz listing got dem pumpin’, reachin’ 1yr highs. bulls r winnin’ but bearz might b ready 2 pounce. keep an eye on ’em!
whoa, BCH & LTC got listed on EDX markets & dats all it took for da prices 2 explode! dem gains r insane! but hey, watch out, bears r lurkin’ around da corner.