The cryptocurrency market has seen a significant uptrend, especially in the altcoin sector, following Ripple’s partial victory against the United States Securities and Exchange Commission (SEC). This legal triumph not only boosted Ripple’s XRP, but also sparked another bullish wave in the altcoin market, with Stellar (XLM) and Bitcoin Cash (BCH) leading the rally.
XLM and BCH prices aim to gain momentum
Stellar (XLM) had a strong uptrend last week, with its value increasing by more than 100%. However, it soon fell below key support levels as investors began securing profits at these high levels. The price has since rebounded, with a daily increase of more than 10%, making XLM the top performing cryptocurrency in the top 100 according to data from CoinMarketCap.
On the other hand, Bitcoin Cash (BCH) saw a slight increase in buyer interest, resulting in a daily increase of more than 5%. This has led investors to speculate if its price could potentially skyrocket like it did before.
Stellar Price Analysis (XLM)
XLM enthusiasts have managed to hold the 20-day EMA at $0.13 for the past few days, and they have recently initiated a robust rebound from this point, indicating increased demand at current price levels. . At the time of writing, XLM price is trading at $0.14, gaining more than 13% from yesterday’s rate.
The 20-day EMA is starting to spike and the RSI is heading towards the overbought region, suggesting that the bulls are currently in dominance mode. This could cause the price of XLM to continue its upward trend for a few more hours.
For the next uptrend to begin, buyers will need to push the price past $0.15. This could potentially trigger a surge in XLM price towards $0.195. On the other hand, if the price breaks below $0.125, it might go down to the 200-day EMA at $0.1.
Bitcoin Cash (BCH) Price Analysis
BCH is trying to hold above the 20-day EMA at $246, indicating that buyers are showing interest in these lower levels. At the time of writing, Bitcoin Cash is trading at $244, gaining more than 0.1% in the past 24 hours.
Bullish traders will attempt to drive the price towards the significant resistance level of $260. This is a critical level to watch as a successful breach and close above it could pave the way for a potential rise towards the $290-$310 region. With the RSI level approaching the middle line, the price of BCH might be heading 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 price of BCH could continue to oscillate in the wide range of $185 and $120 for an extended period.