Bitcoin Cash has continued its troublesome year of price action as it struggles to trade above the $248 level of resistance.
It has now fallen by 32.22% since the high of of $338 at the start of August, with it also sliding significantly against its Bitcoin trading pair.
Bitcoin Cash’s market cap currently stands at $4.3 billion, which is staggeringly 94.9% lower than its all-time high of $62 billion when it was released in December 2017.
While the wider cryptocurrency market seems to be entering a bullish phase, spurred by the rise in popularity surrounding decentralised Finance (DeFi), Bitcoin Cash seems destined for a further correction to the downside.
It’s worth noting that $204 is a fairly staunch level of support dating back to the end of 2018, however a lack of significant volume and interest means it is on the brink of falling in the coming months.
Somewhat bizarrely, while Bitcoin Cash has been dismissed by much of the industry, renowned venture capitalist Tim Draper revealed that he had invested in Roger Ver’s forked Bitcoin project.
He did, however, go on to admit that the vast majority of his holdings were in Bitcoin itself, which is currently valued at $11,000.
In terms of immediate price action, if Bitcoin Cash can begin to climb back to $247 it may well take aim at the $282 level of resistance before the close of the month, but what seems more likely is a re-test of the $204 level of support.
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About Bitcoin Cash
Bitcoin Cash was born out of the idea of making Bitcoin more practical for small, day-to-day payments. In May 2017, Bitcoin payments took about four days unless a fee was paid, which was proportionately too large for small transactions. A change to the code was implemented and Bitcoin Cash was born on 1st August 2017.
More Bitcoin Cash news and information
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