Bitcoin Cash fell to a two-month low on Wednesday, as a red wave swept through the cryptocurrency markets. The coin is down more than 10% during today’s session, hitting its lowest level since July. Apcoin saw a similar fate, dropping more than 10%.
Bitcoin Cash (BCH)
Bitcoin Cash (BCH) fell to a two-month low in today’s session, as the price fell by more than 10% earlier in the day.
After Tuesday’s low of $125.15, BCH/USD fell during the hump day to a low of $111.37.
The decline saw bitcoin cash fall below its long-term level of $112.00, in the process reaching its lowest point since July 18.
As seen from the chart, the decline comes as the 14-day Relative Strength Index (RSI) failed to break out of the 52-point range earlier this week.
The index is now tracking close to the 40.90 support point, with the bulls pushing the price above the $112.00 support point.
Historically, there has been a high level of bullish pressure at this point, and if this history repeats itself, we could see BCH return to $125.00 in the coming days.
Apcoin (APE)
Apcoin (APE) also slipped in today’s session, with the coin hitting a multi-month low.
APE/USD dropped to a low of $4.24 earlier today, less than 24 hours after trading at $4.75.
Like BCH, today’s Apcoin declined as the price moved below the key $4.60 support point.
As a result of today’s low, which saw prices fall by more than 10%, the APE hit its weakest point since July 14.
The decline affected the RSI, which also hit a multi-month low, with the index currently trading below 30, deep in bear territory.
The price is now hovering near the $4.20 support point, with the overall sentiment mainly bearish.
Register your email to receive weekly price analysis updates delivered to your inbox:
Do you believe that Apcoin can reach $5.00 this month? Let us know your thoughts in the comments.
image credit: Shutterstock, Pixabay, WikiCommons, Sharaf Maksumov / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation or recommendation or endorsement of an offer to buy or sell any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the Company nor the author is responsible, directly or indirectly, for any damage or loss alleged to be caused by or in connection with the use or reliance on any materials, goods or services mentioned in this article.