Bitcoin cash rose to a one-year high on Tuesday, as traders continued to buy the token following last week’s EDX markets listing. The newly formed exchange, which is backed by the likes of Citadel, Sequoia Capital and Fidelity, listed the coin in its offering. Litecoin was another token added to the exchange.
Bitcoin Cash (BCH)
Bitcoin cash (BCH) was one of Tuesday’s notable gainers, as the token surged to a one-year high.
Following a low of $197.30 to start the week, BCH/USD raced to an intraday peak of $236.64 earlier in the day.
As a result of today’s peak bitcoin cash moved nearly 18% higher, hitting its strongest point since May 2022 in the process.
From the chart, a breakout above a ceiling at 80.00 on the relative strength index (RSI) appears to be one of the reasons for today’s surge.
The index is now tracking at 82.55, which is deep in overbought territory, and comes as price rose by 120% in the last seven days.
Bears are likely already circling the token, anticipating a potential change in direction in the coming days.
LTC/USD snapped a three-day losing streak on Tuesday, climbing to a peak of $89.90 earlier in the day.
This comes less than 24 hours after the cryptocurrency fell to a bottom at $86.42, despite a recent crossover of moving averages.
The 10-day (red) moving average rose above its 25-day (blue) counterpart, which typically signals bullish momentum.
In order for this to truly materialize, a breakout of an upcoming ceiling at 58.00 on the RSI will need to occur.
As of writing, price strength is now tracking at 56.30.
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What else is behind the recent rally in bitcoin cash? Let us know your thoughts in the comments.