The cryptocurrency market has been witnessing a significant bullish trend, particularly in the altcoin sector, following Ripple’s partial victory against the U.S. Securities and Exchange Commission (SEC). This legal triumph has not only boosted Ripple’s XRP but also ignited a renewed bullish wave in the altcoin market, with Stellar (XLM) and Bitcoin Cash (BCH) leading the rally.
XLM And BCH Prices Aim To Gain Old Momentum
Stellar (XLM) experienced a strong upward trend last week, with its value increasing by over 100%. However, it soon fell below key support levels as investors began to secure their profits at these elevated levels. The price has since rebounded, with a daily increase of over 10%, making XLM the top-performing cryptocurrency among the top 100 as per CoinMarketCap data.
On the other hand, Bitcoin Cash (BCH) experienced a slight increase in buying interest, leading to a daily surge of over 5%. This has led investors to speculate whether its price could potentially soar as it did previously.
Stellar (XLM) Price Analysis
XLM enthusiasts have managed to maintain the 20-day EMA at $0.13 over the past few days, and they recently initiated a robust bounce from this point, indicating a surge in demand at the current price levels. As of writing, XLM price trades at $0.14, gaining over 13% from yesterday’s rate.
The 20-day EMA is beginning to surge and the RSI heads toward the overbought region, suggesting that bulls are currently in a domination mode. This could result in the XLM price continuing its uptrend for another few hours.
For the next upward trend to commence, buyers will need to push the price beyond $0.15. This could potentially trigger a surge in the XLM price towards $0.195. On the other hand, if the price falls below $0.125, it could slide down to the 200-day EMA at $0.1.
Bitcoin Cash (BCH) Price Analysis
BCH is attempting to sustain above the 20-day EMA at $246, indicating that buyers are showing interest at these lower levels. As of writing, Bitcoin Cash trades at $244, gaining over 0.1% in the last 24 hours.
The bullish traders will attempt to drive the price towards the significant resistance level of $260. This is a critical level to monitor as a successful breach and closure above it could pave the way for a potential surge towards the $290 to $310 region. With the RSI level approaching the midline, BCH price might head toward the immediate resistance line.
On the flip side, the key support to observe is the $215 mark. A break below this level could imply that the BCH price might continue to oscillate within the broad range of $185 and $120 for an extended period.
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