The crypto market had an incredible rally as it surged several times in the early months of last year, but since the global cryptocurrency crackdown that began in May, they have struggled to get the same bullish momentum. The Thorchain RUNE token and Bitcoin Cash BCH were showing decent buying pressure in March, but they pulled back earlier this month. However, they have shown bullish signs this week as other cryptocurrencies are unable to make gains.
Thorchain Daily Chart – RUNE bounces off the daily 200 SMA
The 200 SMA held as support for RUNE/USD
Thorchain RUNE has been showing strength since early March, despite weakness in the second half of last year, failing to hit new highs in November as the rest of the crypto market hit new highs. RUNE/USD has been steadily declining since November, falling to $3 at the end of February. But, in March, it started to surge, also helped by improving sentiment in the crypto market.
Although the surge was attributed to the rollout of new platform features and what’s to come supported RUNE’s bullish momentum in March and it seems to be helping it again as price bounces off this average mobile which stands at 7.50. As a DEX, THORChain now removes the need for intermediaries for trading non-native cryptos. Traders can trade tokens on different networks through Thorchain. They will also launch Thorfinance (Thorfi) which will support borrowing and lending so traders are getting excited about this cryptocurrency. Today we don’t see a follow up, so let’s see.
Bitcoin Cash Daily Chart – BCH Gains 20% This Week
BCH stagnates at the 20 daily SMA after yesterday’s surge
Bitcoin Cash was trading at around $1,600 in May last year, but since the crackdown began in China, it has been unable to recover despite some weak attempts. It continues to make lower highs, although the price action of the last two months indicates a bullish reversal. In March, we saw a decent increase as the price moved up from $260 where it formed support at $390. Last month, we learned that Sint Maarten, a constituent country of the Netherlands, may make Bitcoin Cash its legal tender.
The reversal down this month seems to have ended above the previous low which is a bullish signal and yesterday we saw a jump higher which is another bullish signal as the crypto market was stagnating. Total BCH volume traded rose 30% on Tuesday to over $4.8 billion, while the number of addresses holding Bitcoin Cash topped 22 million, with 90,000 active on the same day. should have contributed to the rise.