The cryptocurrency market has witnessed a major uptrend, particularly in the altcoin sector, following Ripple’s partial victory against the US Securities and Exchange Commission (SEC). This legal triumph not only boosted Ripple’s XRP, but also triggered a renewed bullish wave in the altcoin market, with Stellar (XLM) and Bitcoin Cash (BCH) leading the way.
XLM and BCH prices aim to gain old momentum
Stellar (XLM) experienced a strong upward trend last week, with its value increasing by more than 100%. However, it soon fell below key support levels as investors began to lock in their profits at these elevated levels. Since then, the price has recovered, rising more than 10% daily, making XLM the top-performing cryptocurrency among the top 100 according to CoinMarketCap data.
On the other hand, Bitcoin Cash (BCH) saw a slight increase in buying interest, leading to a daily increase of more than 5%. This has led investors to speculate if its price could skyrocket as it did previously.
Stellar (XLM) Price Analysis
XLM enthusiasts managed to hold the 20-day EMA at $0.13 for the past few days and recently started a strong bounce from this point, indicating an increase in demand at current price levels. At time of writing, XLM price is trading at $0.14, gaining over 13% from yesterday’s rate.
The 20 day EMA is starting to turn up and the RSI is heading towards the overbought region, which suggests that the bulls are currently in a dominance mode. This could result in the XLM price continuing its uptrend for a few more hours.
For the next uptrend to start, buyers will need to push the price beyond $0.15. This could potentially trigger a rally in the price of XLM towards $0.195. On the other hand, if the price breaks below $0.125, it could drop all the way down to the 200 day EMA at $0.1.
Bitcoin Cash (BCH) Price Analysis
BCH is attempting to hold above the 20-day EMA at $246, which indicates that buyers are showing interest at these lower levels. At the time of writing, Bitcoin Cash is trading at $244, gaining more than 0.1% in the last 24 hours.
The bullish traders will try to push the price towards the significant resistance level of $260. This is a critical level to monitor as a successful breach and close above it could pave the way for a potential rally towards the $290 to $310 region. With the RSI level approaching the midline, BCH price could head towards the immediate resistance line.
On the other hand, the key support to watch is the $215 mark. A break below this level could imply that the BCH price could continue to range within the wide range of $185 and $120 for an extended period.
This post Stellar (XLM) and Bitcoin Cash (BCH) Continue to Dominate with Bulls – Here’s What’s Next
was published first on https://coinpedia.org/altcoin/stellar-xlm-and-bitcoin-cash-bch-continue-to-dominate-with-bulls-heres-whats-next/