Bitcoin cash keeps on hoisting its flag up high and is projected to rise even higher in the near future.
Yesterday, the bitcoin cash-U.S. dollar (BCH/USD) exchange rate registered an 11-day high of $1,623.80.
This happened right at 08:14 UTC before slowly losing some steam.
As of this writing, the world’s third-largest cryptocurrency by market value is exchanging at $1,508.
This is up 21% for the last 24 hours.
A closer look at the exchange data shows that Korean desks are sparking the rally.
Trading volumes in BCH/KRW pair offered by Bithumb, one of the largest cryptocurrency exchanges in South Korea, have risen by 42% in the last 24 hours.
Fuelling the rise may be today’s report that a South Korean financial regulator has said it has “no plans” to regulate cryptocurrency trading.
Meanwhile, the total trading volume for the last 24 hours is over $4 billion.
This is the highest since November 13.
A high volume rally is indicative of an active market, and that a rally is likely to keep on.
The price action analysis, too, insinuates the rally could continue in the near-term.
The overbought nature of the relative strength index (RSI) could be accountable for the pullback from previous highs above $1,600.
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