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.
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.
#MarketUpdates, #Analysis, #BCH, #BitcoinCash, #DOT, #Inflation, #Polkadot