Bitcoin cash (BCH) was one of Wednesday’s biggest gainers, as markets remained jubilant following the Grayscale court ruling. Following a recent streak of consolidation, the global crypto market cap rose by as much as 4% on the news. toncoin (TON) also surged, climbing nearly 16% higher.
Bitcoin Cash (BCH)
Bitcoin cash (BCH) was a notable gainer on Wednesday, as the price was once again trading above the $200 level. BCH/USD peaked at $227.03 late on Tuesday’s session, following a low at $192.77 earlier in the day.
The move saw the price breakout out of a resistance level of $225.00, hitting a two-week high in the process.
As of writing this, earlier gains have since eased, with the cryptocurrency once again trading below the aforementioned ceiling.
This came as the 14-day relative strength index (RSI) collided with its own resistance level at 60.00. In the event bulls manage to orchestrate a breakout, BCH will likely be above $240.00.
For a second straight session, toncoin (TON) surged considerably higher, with today’s gains seeing a price jump of over 12%.
Following a low of $1.52 on Tuesday, TON/USD rallied to an intraday peak of $1.75 earlier in today’s session. This resulted in the cryptocurrency climbing to its highest point since June 5, when the price was at $1.77.
After peaking at 70.41 less than 24 hours ago, price strength is now tracking at a reading of 75.38.
Many now expect an upcoming reversal, due to TON being highly overbought, as a result of this recent bull run.
Register your email here to get weekly price analysis updates sent to your inbox:
Will a price reversal occur in the coming days? Let us know your thoughts in the comments.