Bitcoin cash was one of Tuesday’s biggest movers, as bullish sentiment returned to markets, following recent declines. After huge losses on Monday, bulls have seemingly moved to buy the dip in price, pushing the global market cap 1.55% higher as of writing. Solana also surged in today’s session.
Bitcoin Cash (BCH)
Bitcoin cash (BCH) rose by as much as 6% on Tuesday, as bulls returned to the market following recent declines in price.
After falling to a low of $181.38 to start the week, BCH/USD raced to a peak of $198.93 earlier in the day.
This rally saw bitcoin cash snap a four-day losing streak, which pushed price close to a support level at $180.00.
Looking at the chart, it appears that this was the trigger bulls needed in order to return to the market.
The 14-day relative strength index (RSI) also bounced at a floor of its own at the 35.00 mark, and is now tracking at 37.58.
Should today’s momentum extend through the rest of the week, there is a good chance that BCH will rise towards a key resistance level of $220.00.
Solana (SOL) was also in the green during today’s session, as it rebounded from a recent multi-month low.
SOL/USD peaked at $18.66 on Tuesday, which comes a day after the token bottomed out at $17.46.
Monday’s low saw solana fall to its lowest point since June 30, when price was at a low of $17.12.
Earlier gains have somewhat faded, however, as bulls were unable to penetrate the ceiling at the $19.00 mark.
This has led to traders opting to secure their profits, instead of keeping positions open at this point of uncertainty.
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Could solana move above $20.00 this week? Let us know your thoughts in the comments.