Following recent dips, optimistic mood returned to the markets on Tuesday, and one of the biggest movers was bitcoin cash. Bulls appear to have moved to buy the price drop after suffering significant losses on Monday, raising the worldwide market cap by 1.55% as of this writing. Today's session saw a rise for Solana as well.
BCH, or Bitcoin Cash
As a result of recent price dips, bulls have recently returned to the market, causing Bitcoin cash (BCH) to increase by as much as 6% on Tuesday.
BCH/USD surged to a high of $198.93 earlier in the day after hitting a low of $181.38 earlier in the week.
During this rally, bitcoin cash's price nearly reached a support level at $180.00, ending a four-day losing run.
 |
| BCH/USD -- Daily Chart |
According to the chart, this was the catalyst that the bulls required to enter the market again.
The 14-day relative strength index (RSI) also had a floor at the 35.00 level and has since rebounded to track at 37.58.
There is a considerable potential that BCH may increase towards a significant resistance level of $220.00 if today's momentum continues throughout the remainder of the week.
Solana (SOL)
During today's session, Solana (SOL), which just hit a multi-month low, was also up.
SOL/USD reached its top on Tuesday at $18.66, one day after the token's low point of $17.46.
Solana's price dropped to its lowest level on Monday since June 30, when it hit a low of $17.12.
 |
| SOL/USD -- Daily Chart |
However, earlier gains were somewhat diminished because bulls were unable to break through the $19.00 ceiling.
Due to the uncertainty, traders have chosen to lock in their profits rather than maintain open positions.
Could Solana this week surpass $20.00? Post your comments to let us know what you think.