Stellar (XLM) is the biggest gainer among the top ten cryptocurrencies surging by over 11% in the last 24 hours. The cryptocurrency market is slightly bearish on Thursday as most coins undergo small downside corrections. Stellar price is on track to break above its peak this week at $0.40, although lack of momentum has slowed down the acceleration even dropping to test the support level at $0.35.
The cryptocurrency is currently trading between moving averages support and resistance on the 15 minutes intraday chart. The 50 Simple Moving Average is offering short-term resistance to the upside, while the 100 Simple Moving Average is supporting the price on the downside above $0.36.
During the trading session on Wednesday, XLM/USD dipped and tested $0.33 level but did not break below it. The price bounced opening the gate for the pulls to push for higher retracements but as mentioned earlier a build-up of sellers prevented further movements below $0.40. There is a short-term support at $0.36, but further declines below this will be halted at $0.33 zone.
Bitcoin Cash (BCH) price analysis
Bitcoin cash (BCH) price formed a high at $1,566 before it walloped in selling pressure paving the way for downside corrections that saw it test the highlighted support are at $1,240. The price recently has been trading lock-step in a ranging channel that can be observed on the chart. BCH/USD attempts to break above $1,400 have been thwarted, however, in comparison to other coins and altcoins, it is making commendable progress.
At the moment the price is dancing with $1,330, but there is a bearish momentum growing close to this area. The gap between the moving averages is widening to indicating that the sellers have the upper in the near-term. The MACD momentum indicator is moving into the negative regions to signal that the sellers are entering the market.
An immediate support has been formed at $1,280; however $1,240 will provide stronger support in the event a downside breakout happens. On the upside, the 100 Simple Moving Average will offer resistance as the price retraces the steps upwards. Consequently, $1,400 is a major hurdle to BCH/USD upside gains. Bitcoin Cash price must battle to stay above the stronger support at $1,240 to avoid declines towards $1,200.
MIOTA (IOTA) price analysis
Despite overarching declines in the price IOTA/USD is making considerable gains towards recovery. The price recently traded highs of $2.2 (April’s peak) before it commenced downside movements that saw it break below some key support areas including $2.0 and $1.8 respectively. Selling pressure engulfed IOTA/USD but the bulls held ground above $0.70.
At the moment, the upside gains have been capped below $1.95 during the trading on Thursday. A bullish momentum is shaping up close $1.87 on the 30 minutes timeframe chart. The 61.8% Fib retracement level with the previous swing high of $2.2 and a low of $1.73 failed to hold the price during the recent declines, but it will offer resistance to the upside as the price corrects towards $2.0.
On the downside, the 100 Simple Moving Average will support the price close to $1.85, although a stronger support is highlighted at $1.80. IOTA/USD is up 3.62% in the last 24 hours; moreover, the bullish momentum shown by the MACD could push the price higher. The traders must continue to shift their sentiments towards IOTA/USD which could open the gate for further upside corrections.