Bitcoin Cash (BCH) reached a one-year high on Tuesday, following its recent listing on the newly formed exchange, EDX. The token has continued to rise as traders buy it, and the exchange, which is backed by Citadel, Sequoia Capital, and Fidelity, added BCH to its offering, along with Litecoin. BCH/USD rose nearly 18% to its strongest point since May 2022, hitting an intraday peak of $236.64.
The surge in BCH appears to be related to a breakout above a ceiling at 80.00 on the relative strength index (RSI), which is deep in overbought territory, with the index now tracking at 82.55. This bullish momentum comes as the price of BCH has risen by 120% in the last seven days. However, bears are likely to be circling the token, anticipating a potential change in direction in the coming days.
Litecoin (LTC) was also listed on the EDX platform, but prices did not rise to the extent of BCH. LTC/USD climbed to a peak of $89.90 earlier in the day, snapping a three-day losing streak. The 10-day moving average rose above its 25-day counterpart, signaling bullish momentum. However, a breakout of an upcoming ceiling at 58.00 on the RSI will need to occur for this to truly materialize. As of writing, price strength is now tracking at 56.30.
The recent rally in EDX markets seems to have intensified, with more investors showing interest in cryptocurrencies. The surge in BCH and LTC prices comes amid a broader cryptocurrency market rally, with Bitcoin and Ethereum also showing gains. Meanwhile, the cryptocurrency market continues to face regulatory scrutiny, with some governments imposing new rules on the industry, while others are more open to the idea of cryptocurrencies. Despite the regulatory challenges, the cryptocurrency market seems to be gaining more acceptance among investors, with more institutional investors entering the space.
Source: Bitcoin.com
