Jamal Al-Farouq Bitcoin cash witnessed a nearly 6% upsurge on Wednesday, reacting to the release of the newest consumer price index (CPI) data in the United States. The inflation saw a 1.0% dip from May, registering at 3.0% for the previous month. Additionally, Polkadot continued its upward trend, marking its third day of gains.
Bitcoin Cash (BCH)
Bitcoin cash (BCH) saw an increase of up to 6% during the early hours of today’s session. The BCH/USD exchange rate reached a high of $289.49, following Tuesday’s low point of $271.44.
This price surge has propelled the digital currency closer to a resistance level at $300.00, and nearer to its recent 15-month peak at $329.71.
BCH/USD – Daily Chart
As seen in the chart, the surge was triggered after a slight breach of the 68.00 resistance level on the relative strength index (RSI).
At the time of this report, the index is registering at 70.56, with the next discernible resistance level positioned at 73.00.
If this level is achieved, it is highly probable that BCH will be trading at or above the $300.00 mark.
Polkadot (DOT)
Polkadot (DOT) posted gains for a third successive day during Wednesday’s session, with its price closing in on a one-week high.
After plummeting to a low of $5.13 on Tuesday, the DOT/USD pair escalated to an intraday high of $5.30 earlier today.
This marks the highest level the token has reached since last Thursday, when it topped at $5.37, slightly below a resistance level at $5.40.
DOT/USD – Daily Chart
Post achieving today’s high, the initial gains have slightly receded due to the RSI hitting a resistance level at 55.00.
At present, the price strength reads at 54.55, with DOT trading $0.05 below its previous high.
Should this resistance level be surpassed, the next target for Polkadot enthusiasts will likely be set at $5.50.
Subscribe with your email here to receive weekly price analysis updates in your inbox:
Weekly Technical Analysis Report
Subscribe
Considering today’s inflation data, do you believe the Federal Reserve will increase rates? Share your views in the comments section.
Table Of Contents
Frequently Asked Questions (FAQs) about Cryptocurrency Performance
What was the performance of Bitcoin Cash (BCH) after the release of the US consumer price index (CPI)?
Bitcoin Cash (BCH) experienced a rise of nearly 6% following the release of the latest US CPI data. This surge brought the cryptocurrency closer to a resistance level at $300.00.
How did US inflation rates affect Bitcoin Cash (BCH) prices?
The US inflation fell by 1.0% from May, which appeared to positively impact Bitcoin Cash. The lower inflation may have contributed to a bullish market sentiment, leading to the surge in BCH price.
What was the trend in the price of Polkadot (DOT) following the inflation report?
Polkadot (DOT) recorded an increase for a third consecutive day, with its price nearing a one-week high. After hitting a low of $5.13 on Tuesday, the DOT/USD pair rose to an intraday high of $5.30.
What are the next possible resistance levels for Bitcoin Cash (BCH) and Polkadot (DOT)?
For Bitcoin Cash, the next visible point of resistance is at 73.00 on the relative strength index (RSI). If this point is hit, BCH might trade at or over $300.00. For Polkadot, if the current resistance level of 55.00 on the RSI is broken, the next target is likely to be $5.50.
How can I get weekly price analysis updates on Bitcoin Cash (BCH) and Polkadot (DOT)?
You can register your email to receive weekly price analysis updates. These updates provide technical analysis on the price trends of various cryptocurrencies, including Bitcoin Cash and Polkadot.
More about Cryptocurrency Performance
- Understanding Bitcoin Cash (BCH)
- Overview of Polkadot (DOT)
- Insight on US Consumer Price Index (CPI)
- Understanding Cryptocurrency Price Analysis
- Understanding the Relative Strength Index (RSI)
7 comments
anybody else riding the polkadot wave? 3rd day running it’s on the up. keep it coming!
ah the sweet volatility of crypto. just another day in paradise. keep hodling guys!
Didn’t really see that move for BCH, need to keep my eye on the ball. Still, good news for the crypto world in general…
Nice gains for BCH today! With that US inflation news, reckon there could be more to come?
bch to $300, I’m calling it now! you heard it here first folks 😉
this is all good, but I’m just here hodling my coins! one day they’ll be worth a fortune… I hope.
interesting to see cryptos react to inflation data, kinda shows they’re not just for tech geeks anymore