Cryptocurrency markets are resembling the stock market these days. Trading sideways all through last week and this weekend. Let’s take a look at Bitcoin Cash, Stellar and LTC and see if their charts tell us what’s to come ahead.
The fifth-ranked cryptocurrency has today faced a mixed reaction that formed a sideways trend. Besides, the pair’s price volatility was very low that stood the current price at $221.9, having escalated it from where it opened the session at $222.1. That showed a slight drop of 0.09% over the last24hrs.
The horizontal movement defined vital resistance and support level at $223.6 and $218.6. The consolidation phase between $223.6 and 218.6 may proceed until the market showcase a potential breakout either on the downside or upside.
However, the parabolic SAR is giving a sell signal, while the moving averages that are currently below the prices, signal an increase in bullish momentum. In addition, the RSI is heading north that suggests positive outcomes.
An upside correction above $223.6 may trigger strong Bull Run near $300.0. However, a downside rally below $218.6 could extend a bearish momentum near $200.0.
XLM/USD pair has lacked dominance, as reflected by the RSI indicator that hovered between the midpoints over the last 24hrs. The famous crypto began the session trading at $0.0593, unfortunately, is at the press time exchanging hand at $0.0593 that showed the indecisive mode in the market momentum.
The pair’s price failed to break above $0.0595 but later found a strong support near $0.0578 level. Afterwards, both support and resistance level was tested severally. However, during the last few hours, a price recovery was seen as bullish engulfing candles pushed the price a bit higher. This shows high interest on the upper sides of the price.
Also, the short-term SMA has crossed above the long-term SMA, the parabolic SAR is below the candles, and the RSI is heading north. All these are positive signs of incoming robust bullish outbreak.
A break above $0.0578 could result to further upside rally near $0.0650. Therefore, investors should wait to take a long position in the short-term.
LTC/USD pair has expressed a bullish outlook, with an intraday gain of 2.5%. It escalated from $55.6232 to now trading at $56.9726. Besides, the ascending channel formed reflected the bullish performance with support level being held near $55.5718. The pair’s price is currently struggling to breach above $57.2742 resistance level, so is for the bulls to up there game.
Looking at the technical, the short-term SMA has currently crossed above the long-term SMA that suggests unbeatable outlook. The RSI is above level 50 that also foreshadows a positive sign. Besides, the RSI also showed an increase in buyouts that indicates that buyers are dominating the momentum. Investor’s sentiments are thereby likely to increase since they are optimistic for better prices in the near term.
A long position should be taken, if the price manages to break above $57.000. New targets should be set near $60.000 and $61.000.
Cryptocurrency Charts By Tradingview
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.
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