- BCH is down 79% from ATH of April 2021
- Lowest support is at $204
- Current price is $207
- Coin is at all time low in 26 months
Bitcoin Cash has dropped to a record low since January 1, 2022. As the coin market continues to bleed, the coin may fall to its all-time-low if it breaks the last support at $204.
Tradingview charts show that BCH last traded below $218 on March 1, 2020. The cryptocurrency is currently trading at $207, down from its ATH of $995 attained on April 1, 2021. This is a 79% drop from its all-time-high.
Data from Coinmarketcap shows that BCH has lost 4.1% in the past 24 hours. On the weekly chart, the cryptocurrency is down by 25.41%.
BCH has ridden a diagonal wave pattern in a descending channel since its ATH in April 2022. Earlier today, May 12, the coin broke its 2-month support at $273. With bearish pressure subsisting, it now targets its lowest support at $204, formed 26 months ago.
Will The $204 Support Hold for BCH?
Bitcoin Cash is in a downtrend as seen from the 20-day and 50-day moving averages. What is obvious from this trend is that the market sentiment is mostly negative. This is evident from data available from Coinmarketcap.
Currently, the coin has a trading volume of $3.66 billion. However, its market capitalization is down by 0.4%. If the exiting positions are far more than the bulls, this value would have been higher. What is obvious from this is that the bulls are willing to support this coin around this value, although a lot will depend on if the $204 support holds.
The relative strength indicator shows a value of 48. This gives the bulls some room to maneuver. In summary, $204 will not act as a strong support and is expected to hold for some time. If the market sentiment improves, we could see higher prices for BCH in the next couple of days. However,if the $204 support breaks, it’ll sure open BCH to cascade to uncharted territory. This is unlikely in the short term.