Bitcoin Cash (BCH) emerged as a substantial market mover once again, experiencing an almost 10% uptick during the trading session on Wednesday. This upward trajectory propelled the cryptocurrency to its loftiest valuation since the middle of August. Concurrently, the strength of the U.S. dollar pushed the S&P 500 to a quarterly nadir. Chainlink (LINK) also registered significant gains on the same day.
Bitcoin Cash (BCH)
In its third consecutive session of gains on Wednesday, Bitcoin Cash (BCH) saw its value ascend close to 10%.
The BCH/USD trading pair reached a pinnacle of $234.94 early in the day’s trading, following a slump to $211.95 just a day prior.
This marked the most elevated level the digital asset has reached since August 10, at which time it was trading above $240.00.
BCH/USD – Daily Chart Analysis
Upon examination of the chart, it becomes evident that the upward movement transpired subsequent to breaching a resistance point situated at $225.00.
Moreover, the Relative Strength Index (RSI) surpassed a previously established upper limit of 60.00 and is currently registering at 65.52.
The forthcoming target appears to be positioned at the $250.00 level, achievable if the present momentum persists through the remaining part of the week.
Alongside Bitcoin Cash, Chainlink (LINK) also experienced positive market activity on Wednesday, reaching a high not seen for several weeks.
Post a descent to a $7.26 nadir on Tuesday, LINK/USD soared to reach an intraday zenith of $7.82 during Wednesday’s trading session.
Analogous to Bitcoin Cash, this ascent propelled the cryptocurrency to its highest valuation since August 9.
LINK/USD – Daily Chart Analysis
The climb was initiated as the asset’s price strength successfully surpassed a resistance threshold of 67.00, with a current measurement of 67.22.
Bullish sentiment surrounding LINK now seems to be targeting an $8.00 upper limit, as indicated by the persistence of a recent uptrend in the 10-day (red) moving average.
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Do you think LINK will reach the $8.00 mark this week? Share your insights in the comment section below.
Frequently Asked Questions (FAQs) about Cryptocurrency Market Analysis
What cryptocurrencies are the focus of this article?
The article primarily focuses on Bitcoin Cash (BCH) and Chainlink (LINK), examining their recent price movements and technical indicators.
Bitcoin Cash experienced a near 10% increase, reaching a peak of $234.94, its highest since mid-August. Chainlink also rose significantly, reaching an intraday high of $7.82, marking its highest point since August 9.
What technical indicators are discussed in the article?
The article discusses the Relative Strength Index (RSI) and resistance levels for both Bitcoin Cash and Chainlink. For Bitcoin Cash, the RSI broke a ceiling at 60.00 and is now at 65.52. Chainlink’s price strength moved past a resistance level of 67.00.
What are the future price targets mentioned?
For Bitcoin Cash, the next target is identified as the $250.00 mark. Chainlink bulls are likely targeting an $8.00 upper limit.
Who is the intended audience for this article?
The article is intended for serious business people, investors, and financial analysts who are interested in cryptocurrency market trends and technical analysis.
How can readers stay updated on similar topics?
Readers can register their email at the end of the article to receive a weekly technical analysis report that summarizes the week’s most notable cryptocurrency news.
More about Cryptocurrency Market Analysis
- Bitcoin Cash Official Website
- Chainlink Official Website
- Understanding Relative Strength Index (RSI)
- S&P 500 Index Analysis
- Weekly Cryptocurrency Market Reports
- Technical Analysis Fundamentals