The cryptocurrency market has witnessed a significant bullish trend, particularly in the altcoin sector, following Ripple’s partial victory against the US Securities and Exchange Commission (SEC). This legal triumph has not only boosted Ripple’s XRP, but also sparked a renewed bullish wave in the altcoin market, with Stellar (XLM) and Bitcoin Cash (BCH) leading the way.
XLM and BCH prices aim to gain old 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 to secure profits at these high levels. The price has since recovered, with a daily increase of more than 10%, making XLM the best performing cryptocurrency in the top 100 according to CoinMarketCap data.
On the other hand, Bitcoin Cash (BCH) experienced a slight increase in buying interest, leading to a daily increase of more than 5%. This has led investors to speculate whether the price could possibly rise as before.
Stellar (XLM) price analysis
XLM enthusiasts have managed to hold the 20-day EMA at $0.13 for the past few days, and they’ve recently started a solid rebound from this point, indicating a surge in demand at current price levels. At the time of writing, the XLM price is trading at $0.14, up more than 13% from yesterday’s price.
The 20-day EMA is starting to rise and the RSI is moving towards the overbought territory, suggesting that bulls are currently in a dominance mode. This could cause XLM price to continue its uptrend for a few more hours.
For the next uptrend to begin, buyers need to push the price above $0.15. This could potentially trigger an increase in the XLM price to $0.195. On the other hand, if the price drops below $0.125, it could drop to the 200-day EMA at $0.1.
Bitcoin Cash (BCH) price analysis
BCH is trying to stay above the 20-day EMA at $246, indicating that buyers are showing interest at these lower levels. At the time of writing, Bitcoin Cash is trading at USD 244, up more than 0.1% in the past 24 hours.
The bullish traders will try to push the price towards the significant USD 260 resistance level. This is a critical level to watch as a successful break and close above it could pave the way for a possible rise to the $290 to $310 region. With the RSI level approaching the midline, BCH price may move towards the immediate resistance line.
On the downside, the most important support to observe is the $215 mark. A break below this level could mean that BCH price could continue to fluctuate within the broad range of $185 and $120 for an extended period of time.