Over the monthly chart, the Bitcoin cash token is trading on a bearish note and making lower lows and lower highs. The coin has now formed a bullish engulfing candle over the daily chart, and the volume is lower and falls below the average line. The coin is trying to recover from the lower levels, but the coin fails to suppress its 20-DMA. However, once the coin starts to sustain above 20 and 50-DMA with good volume, it will boost more buyers in upcoming trading sessions. Support on the lower side is at $380 and $340, whereas resistance on the higher side is $540 and $610.
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