By Nathan Ferguson
The world’s leading cryptocurrency, Bitcoin, gained more than 20% within the previous month, trading beyond $24K during this publication. As anticipated, the overall market followed upside, triggering impressive run-ups in the altcoin market. Bitcoin Cash joined the wave, surging approximately 40% within the past 30 days.
Price Right, Volume Left
While writing this content, Bitcoin Cash traded at $145.92. The alternative token hovered at $105 one month ago. The daily chart shows the token’s MFI (Money Flow Index) and RSI (Relative Strength Index) hiked steadily amid the crypto prices surge. The MFI and RSI climbed to the 77 and 69 highs, respectively. However, these crucial indicators highlighted drawdowns within the last few weeks.
The Relative Strength Index remained beyond the neutral 50, standing at 59, while the Money Flow Index read 54. With BCH bulls still scavenging, the 20 Exponential Moving Average stood beneath the price. This narrative has persisted since July 28.
Bitcoin Chain network saw trading activity declining within the month window under review. The asset’s trading volume exhibited downsides as prices surged, losing more than 75%. This volume-price divergence remains unusual in healthy markets. Such disparities show a drop in the token’s accumulation plus exhaustion by token buyers.
More Pessimistic Updates?
Despite price hikes, Bitcoin Cash could not record substantial network growth over the past 30 days. Recent Santiment data also revealed the same case. Also, the platform’s daily active addresses plummeted by 63%.
BCH traded at the $155.80 high on July 28. That triggered a surge in transaction volume within the following 24 hours. Consequently, the aggregate BCH count in July 29 transactions increased by more than 350%.
Nevertheless, a downturn followed the rally, forcing the transaction volume to the $26 million low. That emerged regardless of rallying prices. Meanwhile, the 30-dayMVRV showed some Bitcoin Cash holders enjoyed profit within the previous months, with the indicator reading +6.21%. Nevertheless, considering its positive correlation with BTC, speculations of whether the bottom arrived will affect Bitcoin Cash too.