Bitcoin cash was once again in the red on July 5, as traders continued to secure gains following a recent 15-month high. The token fell for a third straight session, whilst the overall global crypto market cap also slipped on Wednesday. Monero was another notable token to fall in today’s session.
Bitcoin Cash (BCH)
Bitcoin cash (BCH) slid by as much as 9% on Wednesday, as traders continued to capture profits following a recent bull run.
The cryptocurrency surged to a 15-month high last Friday, after climbing to a peak at $329.71.
However, the price dropped to an intraday low at $258.17 in today’s session, a day after trading at $281.46.
Looking at the chart, BCH has now dropped for a third straight session, a sell-off which started after the relative strength index (RSI) fell below a ceiling at 81.00.
At the time of writing, the index is tracking at 65.73, which is marginally below a floor around the 66.00 level.
Overall, the decline seems to be a result of profit taking which came once the RSI moved deep into overbought territory.
Monero (XMR) was also in the red in today’s session, dropping lower for a second consecutive session.
Following a peak at $169.52 on Tuesday, XMR/USD moved to a bottom at $161.89 earlier in the day.
The decline comes as the token failed to break out of a ceiling at $173.00 on Monday, after hitting its highest point since February 4.
One of the reasons for this was also due to the RSI, which was unable to move past a resistance level of 73.00.
Currently, price strength is now tracking at 63.86, and appears to be headed to a floor at the 58.00 mark.
Should the index move to this floor, there is a possibility that XMR will drop to $160.00.
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What is the lowest point monero could hit this week? Let us know your thoughts in the comments.