Bitcoin Cash (BCH)
Bitcoin cash (BCH) saw a 5% increase at the beginning of the week, even though the wider market was mostly trading lower. BCH/USD reached a high of $242.29, following a low of $219.27. Traders took advantage of the support point at $220.00, leading to the surge in price.
- The 14-day relative strength index (RSI) moved past a ceiling at 48.00, contributing to the rise in BCH.
- The current price strength is slightly below the next point of resistance at 50.00, indicating the potential for further growth.
- If the resistance at 50.00 is breached, BCH could reach $260.00.
Stellar (XLM)
Stellar (XLM) also experienced positive movement on Monday, moving away from a floor of $0.1345. After hitting a low of $0.1380 on Sunday, XLM/USD rallied to a high of $0.1431.
- Despite a recent downward crossover of moving averages (MA), XLM continued to trade higher for the third consecutive session.
- The 10-day MA fell below the 25-day MA, typically a bearish signal.
- XLM bulls will likely aim for a price ceiling at $0.1600.
Hot Take
Bitcoin Cash (BCH) and Stellar (XLM) both showed resilience in the face of a mostly downward market. BCH’s breakout of a support point and the positive movement of its RSI indicate potential for further growth. Similarly, XLM’s upward trend, despite the bearish signal of moving averages, suggests bullish sentiment. Both cryptocurrencies have the potential for higher price targets in the near future.
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