Stellar rises to weekly high as Bitcoin Cash consolidates

August 9, 2024

Stellar rises to weekly high as Bitcoin Cash consolidates

  • The price of Stellar quickly released the pressure from the beginning of the week and started a bullish recovery. 
  • Since Tuesday, the price of Bitcoin Cash has been moving sideways in the $310.00-$330.00 range.

Stellar chart analysis

The price of Stellar quickly released the pressure from the beginning of the week and started a bullish recovery. On Tuesday we saw a return above the weekly open price to the positive side. Yesterday we climbed above the EMA 200 and the 0.094000 level. With the new support, the price started a bullish consolidation to a new weekly high at the 0.104540 level. Today’s price movement takes place in the 0.100600-0.103500 range.

If Stellar holds in this zone, it could trigger a continuation to the bullish side. Potential higher targets are 0.106000 and 0.108000 levels. For a bearish option, we need a pullback down to the 0.098000 level. There, we go to a new daily low and thus get confirmation of increasing bearish pressure on the price. After that, we are expected to see a further pullback and a visit to lower levels. Potential lower targets are 0.096000 and 0.094000 levels.

 

Bitcoin Cash chart analysis

Since Tuesday, the price of Bitcoin Cash has been moving sideways in the $310.00-$330.00 range. This morning, we revisited the support zone, after which we had an impulse up to the $332.00 level. We stopped there, and the price retreated to support at the $325.00 level. Additional price support is the EMA 50 moving average. If we manage to hold above, we can hope for another recovery above the $330.00 level.

Potential higher targets are the $335.00 and $340.0 levels. The 200 EMA is in the $350.00 zone. A bearish option requires Bitcoin Cash to pull back below the 200 EMA and $320.00 level. After that, we expect a visit to the lower level of this rank. If we can’t hold on there, the price will have to look for a new lower support. Potential lower targets are the $305.00 and $300.00 levels.

 

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