Bitcoin Cash Faces Strong Rejection at $138 as It Continues Its Downward Correction

The price of Bitcoin Cash (BCH) is in a downward correction as the altcoin falls below its moving average lines. The cryptocurrency fell to the low of $115.95 as bulls bought the dips.

Timeline of Bitcoin-cash

Bitcoin Cash (CRYPTO: BCH) is trading lower by 7.04% to $119.80 during Tuesday's session after August CPI data showed worse-than-expected inflation. This has driven a risk-off sentiment and has also raised the potential for further Fed policy tightening to curb inflation.

Registering an 8% price uptick in the last seven days, Bitcoin Cash's [BCH] significant positive correlation with Bitcoin [BTC] might have been the factor responsible for the asset's failure to log double-digit gains in the last week. The price of the king coin itself grew by just 10% within the same period.

Several cryptos have proven to be resilient during the recent market crash and show significant upside potential. The current crypto market has made many investors lose hope in numerous blockchain projects, but let's explore the 5 cryptos that could prevail and set all-time highs.

Bitcoin cash fell to a two-month low on Wednesday, as a red wave swept through cryptocurrency markets. The token dropped by over 10% during today's session, hitting its lowest level since July. Apecoin saw a similar fate, plunging by over 10%.

Bitcoin Cash had shed 24% of its value in the previous 12 days. Leading coins like Bitcoin (BTC) and Ethereum (ETH) have also experienced double-digit losses over the past 26 days as a result of the broader market slump.

The price of Bitcoin Cash (BCH) has regained momentum after a recent drop to a low of $113. On August 20, BCH rose above current support to reach a high of $140, but then fell back.

The price of Bitcoin Cash (BCH) has sparked a glimpse of hope against Tether (USDT) as it attempts to flip key resistance with eyes set on $200. The price of Bitcoin Cash in recent weeks has been more gloomy as many altcoins rallied and produced gains of double digits while BCH continues to range.

In line with regulations, Canadian crypto exchanges are introducing measures to cap the annual buy limit for selected cryptoassets at CAD 30,000 (USD 23,250) per year - and these exclude (only) four large coins. 

Bitcoin Cash (BCH) traded above its moving average lines last week. Initially, the bears failed to sustain the momentum below the moving average lines as the bulls halted the decline.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Since dropping from the $275 baseline in early May, Bitcoin Cash [BCH] finally found rebounding opportunities after plunging to its record low in the $96-zone.