Bitcoin Cash (BCH) price is continuing to trade around the $1k mark after recently hitting its one month low of $890 early this week. Market pundits are claiming that the cryptocurrency market has reached the bottom and now expect positive movement for the majority of coins. Indeed, some technical experts are suggesting investors should reduce short positions.
Head of the technical strategy at Fundstrat Global Advisors says, “We think the setup is very attractive here. If you’re short, we think you should be very careful and reducing your short exposure. I think if you’re looking to be long this is where you start adding here to your long exposure.”
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Market participants are supporting Fundstrat’s Global Advisors stance; they believe moving averages and other technical factors are forming the bullish pattern.
The potential for higher adaptation could also support Bitcoin Cash price movement. Devere Group, which has clients from over 100 countries, has announced it would add Bitcoin Cash to its recently released cryptocurrency exchange app Devere Crypto.
Coin.ph, the leading cryptocurrency exchange in the Philippines, started supporting Bitcoin Cash on their platform. They say the addition is an attempt to support lower cost blockchain payment networks.
“Using these new blockchain ecosystems, Coins customers will be able to benefit from a wide variety of services built on top of these technologies,” the company said in a statement.
IOTA and Cardano are Moving Higher
Source Image: coinmarketcap.com
Although the rest of the cryptocurrency market remains range bound, IOTA (MIOTA) and Cardano (ADA) are generating substantial gains. IOTA is the biggest gainer among the top ten cryptocurrencies today. Its price rose 9% early today to $1.87 level. Cardano, which is the seventh largest coin based on market capitalization, is the second biggest gainer today. ADA coin price rose 5% early today. The rest of the top ten coins are making small sideways moves.
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