It is evident the cryptocurrency markets are going through a brief period of recovery as of right now. With most markets showing some positive momentum out of the blue, things are looking good as of right now. The Stellar price is one of the biggest gainers over the past 24 hours, pushing the value back to over $0.22. A positive turn of events, assuming this momentum doesn’t vaporize in the next few hours.
STELLAR PRICE MOMENTUM RETURNS
With last week finally behind us, the time has come to look toward the future once again. Right now, the momentum across all cryptocurrency markets is surprisingly positive, although it remains to be seen how long this period of joy will last. If the Stellar price is any indication, things are looking pretty solid, for the time being.
Thanks to a nice 20.71% gain over the past 4 hours, we are now looking at a Stellar price of $0.227 once again That in itself is a positive development, especially after all of the struggles these markets went through just last week. People have been waiting to see the markets recover sooner or later. Right now, the Stellar price is doing exactly that, albeit it remains to be seen if this positive momentum can remain in place for a few days straight.
There is also an interesting development in the XLM/BTC ratio as of right now. More specifically, Stellar has gained 12.56% on Bitcoin even though the Bitcoin price is noting some serious gains as well. It is always intriguing to see how altcoins appreciate in both USD and BTC value when the Bitcoin price is going up. When Bitcoin goes down, altcoins drop in both USD and BTC value as well. Very peculiar correlations which only further confirm how Bitcoin remains the top dog in all of cryptocurrency right now.
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Bitcoin Cash Price Technical Analysis – BCH/USD Trading Positively</h1>
- Bitcoin cash price is gaining upside momentum and is currently trading above $1,250 against the US Dollar.
- There was a break above a connecting bearish trend line with resistance at $1,250 on the hourly chart of BCH/USD (data feed from SimpleFX).
- The pair has to move above the $1,290 resistance level to gain upside momentum in the near term.
Bitcoin cash price is building bullish moves against the US Dollar. BCH/USD may continue to move higher towards the all-important $1,290 resistance.
Bitcoin Cash Price Trend
There was a decent upside move formed from the $1,220 low in bitcoin cash price against the US Dollar. The price started trading higher and broke the $1,240 and $1,250 resistance levels. It also settled above the $1,260 level and the 100 hourly simple moving average. These are positive signs for BCH, but the price has to break an important resistance near $1,290 to gain traction.
During the upside move, there was a break above a connecting bearish trend line with resistance at $1,250 on the hourly chart of BCH/USD. The pair traded as high as $1,262 recently and is currently consolidating gains. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $1,210 low to $1,262 high. However, the most important support is near the $1,250 level and the 100 hourly SMA. The mentioned $1,250 level was a resistance earlier, and now it is likely to act as a support.
Moreover, the 38.2% Fib retracement level of the last wave from the $1,210 low to $1,262 high is around $1.254 to act as a support. On the upside, the pair has to move above the $1,290 resistance level to gain upside momentum.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is now back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently reaching the 70 level.
Major Support Level – $1,250
Major Resistance Level – $1,290
Charts courtesy – SimpleFX
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With $104.75 million in 24-hour trading volume, things are looking pretty good for Stellar right now. While this trading volume is not all that high, it is more than sufficient to keep the Stellar price momentum going, for the time being. Assuming things remain this way, we may even see the Stellar price hit $0.25 later today, although it may require a slightly higher trading volume to really make a push for it.
Binance is dominating the trading volume right now, followed by Upbit and Poloniex. What is rather remarkable is how we see three Kraken trading pairs in the top eight, which doesn’t happen all that often these days. Of those three markets, the EUR market is ahead of the USDT pair, but the BTC pair generates nearly as much volume as those two combined. A very peculiar development, although one that seemingly indicates good things are bound to happen if the markets do not falter once again.
Whether or not the Stellar price will remain this positive in the coming days and weeks, is a different matter altogether. The value of all cryptocurrencies is subject to a lot of manipulation right now, and that trend will not relent anytime soon. As long as market maker scan keep toying with this form of money, they will continue to do so, for obvious reasons. As of right now, the Stellar price seems underway to hit $0.25, but it may not necessarily get there today.