2022-6-20 01:33 |
For the past two weeks, Bitcoin Cash has followed in the steps of major coins in decline. The coin now looks significantly bearish even though it has managed to recover a few of this week’s losses. However, downward pressure will likely continue over the weeks ahead as sentiment in the broader market struggles to find momentum. Below are the major BCH highlights:
Bitcoin Cash has stopped the downward decline with a modest gain today.
But there is no real chance of a sustained bullish run
BCH will likely trend lower and eventually lose the $100 support
Data Source: TradingView
Why holding a $100 is key?BCH has faced a lot of pressure in 2022. But the coin has still managed to stay above $100 all year round. This is an important psychological barrier. It shows the resilience of BCH in the face of market-wide pressures. But for the first time in 2022, there is a real risk that BCH could finally fail to keep the $100 mark.
In fact, at the time of writing, the coin was trading at around $120. This was after a modest 24-hour gain of around 3%. BCH is dangerously close to the $100. It only needs a 20% decline to fall to double digits.
For a coin that has already dropped 22% over the last 7 days, another 20% decline is more probable than you think. Nonetheless, once $100 is breached, expect BCH to fall further towards $80 before it finds support.
Why is BCH falling?The downtrend that BCH has seen is not isolated to the coin alone. In fact, we have not seen any major changes in the coin’s fundamentals here. The fall is largely caused by economic and monetary factors in the global economy.
Sadly, these tough economic conditions will not ease anytime soon. As such, BCH investors must be ready for a consistent bear season.
The post Bitcoin Cash to trend below $100 as weakness in crypto bites appeared first on CoinJournal.
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