Here’s the caveat to Bitcoin Cash, Ethereum Classic’s price actions

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On the back of recent gains, most altcoins started moving north too. In fact, before minor corrections set in, these alts saw pretty decent rallies, with Bitcoin Cash and Ethereum Classic among them. However, what really matters is whether they can sustain these rallies or not. For the likes of BCH and ETC, this is a very critical question. 

What does the price say?

Both Bitcoin Cash and Ethereum Classic were up more than 40% since 20 July, at the time of writing. While both altcoins followed Bitcoin’s footsteps, their individual price trajectories were slightly different. ETC started presenting a more consolidated price range and lower volatility only since 27 July. While ETC has had more than five red candlesticks on the 12-hour chart since, BCH has had only two. 

Now, the general market perception today is one of confidence about Ethereum Classic due to its ecosystem-centric developments. However, the same sentiment hasn’t been shared by its trade volumes. While there were high candlesticks for ETC highlighting more trade, when compared to last month, BCH had more significant trade volumes.

BCH’s trade volume (in green) on 26 July was the highest since 24 May. 

Further, on the 12-hour chart, while ETC never entered the overbought zone during this rally, BCH was overbought at the time of writing. Its Relative Strength Index had a reading of 71. 

A disclaimer for Bitcoin Cash

On Bitcoin Cash’s four-year anniversary on 1 August,…

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