The Bitcoin Cash price has struggled in the past few months. The BCH price is trading at $565, which is about 65% below the highest level this year. Subsequently, according to CoinGecko, its total market cap has fallen to about $10 billion. This makes it the 21st biggest cryptocurrency in the world. As such, the coin has been overtaken by relatively new coins like Algorand, Avalanche, Terra, and Shiba Inu.
For a long time, Bitcoin Cash and Bitcoin had a close correlation. This happened as investors bought BCH as a proxy for Bitcoin. Besides, with Bitcoin trading at more than $55,000, many investors believed that BCH is a better investment. However, in the past few months, this correlation has faded. While Bitcoin has surged close to near its all-time high, BCH remains about 65% below its all-time high.
The lack of correlation is similar to what has happened between Ethereum and Ethereum Classic. In the past few months, this correlation has waned.
The daily chart shows that the BCH price has been in a tight range in the past few months. The price is trading at $565, which is a few points above the 78.6% Fibonacci retracement level. It has also moved slightly above the 25-day and 50-day moving averages.
At the same time, the coin has formed a symmetrical triangle pattern. With this triangle pattern nearing its convergence level, there is a likelihood that the coin will have a breakout in the coming days. However, since this is a symmetrical triangle, the breakout will be in either direction.