Crypto Analysis: Internet Computer Gains 24% as Bitcoin Cash Faces Major Setback at $287

Bitcoin cash and other altcoins were bullish during the last 20 hours. As a result, they registered significant gains and climbed some price marks they hadn’t in days.

For example, BCH returned to its six-month high. It started the day trading at $253 and experienced a notable increase in buying volume. The trigger for the main surge is unknown at this time. However, following its start, it began to gain momentum. As a result, it started a surge that saw it break through the $280 resistance.

It peaked at $287 as it faced strong rejection to its bid above $300. Nonetheless, this is the first time in six months the altcoin is retested this key level. Additionally, currently trading at $270, this indicates that the altcoin is up by more than 6%.

In response to the most recent surge, the indicators are reacting adversely. For example, the Relative Strength Index had small movements. It started the day at 59 but hiked to 65 due to the most recent surge. The small increase is also seen in the Moving Average Convergence Divergence. A clear evidence of this is the 12-day EMA.