Bitcoin cash rose by nearly 6% on Wednesday, following the release of the latest consumer price index (CPI) in the United States. Inflation fell by 1.0% from May, coming in at 3.0% last month. Polkadot also rose, extending its winning run for a third straight day.
Biggest Movers: BCH 6% Higher, as US Inflation Falls by More Than Expected
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
Bitcoin Cash ( BCH)
Bitcoin cash ( BCH) rose by as much as 6% earlier in today’s session. BCH/USD surged to a peak of $289.49 earlier in the day, which comes following Tuesday’s bottom at $271.44.
This rise in price has pushed the cryptocurrency towards a ceiling at $300.00, and closer to a recent 15-month high at $329.71.
From the chart, the move occurred after a marginal breakout of a ceiling at 68.00 on the relative strength index ( RSI).
At the time of writing, the index is tracking at 70.56, with the next visible point of resistance at 73.00.
Should this point be hit, there is a strong chance that BCH will be trading at or over $300.00.
Polkadot (DOT)
Polkadot (DOT) rose for a third consecutive day during Wednesday’s session, as price neared a one-week high.
After falling to a low at $5.13 on Tuesday, DOT/USD jumped to an intraday high of $5.30 earlier today.
This is the strongest level the token has hit since last Thursday, when it peaked at $5.37, marginally below a ceiling at $5.40.
Since today’s peak, earlier gains have somewhat slipped, as a result of the RSI colliding with a ceiling at 55.00.
Currently, price strength is at a reading of 54.55, with DOT now trading $0.05 lower than its previous high.
In the event this ceiling is broken, the next target for polkadot bulls will likely be $5.50.
Register your email here to get weekly price analysis updates sent to your inbox:
Will the Federal Reserve hike rates despite today’s inflation report? Let us know your thoughts in the comments.
