Bitcoin cash rose to a multi-month high to start the week, as traders pushed the cryptocurrency above a key resistance level. The move came on the heels of the “Uptober” trend, and ahead of a big week of U.S. economic data, headlined by the nonfarm payrolls report. Solana rose to its highest level since mid-August.
Bitcoin Cash (BCH)
Bitcoin cash (BCH) was a notable gainer on Monday, as the token rose to a two-month high to start the month.
BCH/USD peaked at $246.98 earlier in the day, after trading at a low of $233.74 during Sunday’s session.
This was the strongest point that bitcoin cash has hit since July 31, when price reached a high of $259.00
Looking at the chart, today’s move comes after a key resistance level of $245.00 was briefly broken, however bulls have gone on to retreat from earlier positions.
One reason for this was a collision that occurred on the relative strength index (RSI), which hit the 70.00 resistance point.
Currently, the index is tracking at 69.53, with BCH at $243.30 as of writing.
Solana (SOL)
Solana (SOL) continued to be a big mover to start the month of October, after extending a recent bull run to a sixth straight day.
After hitting a bottom at $22.51 on Sunday, SOL/USD climbed to a high of $24.60 earlier in today’s session.
As a result of this surge, the world’s seventh largest cryptocurrency hit its strongest point since August 15.
The move sees solana near a key price point of $25.00, with the RSI moving deep into the overbought region in the process.
At the time of writing, the index is at the 74.33 position, which is its highest reading since July 17.
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Will bears begin to reenter now that solana is overbought? Let us know your thoughts in the comments.
Read More from Eliman Dambell on news.bitcoin.com