Stellar and Bitcoin Cash: Stellar pressures the weekly high

August 23, 2024 3 Min Read

Stellar and Bitcoin Cash: Stellar pressures the weekly high

  • The price of Stellar climbed back up to 0.099208 this morning, testing this week’s high there
  • On Wednesday, Bitcoin Cash finally woke up and started a bullish consolidation up to the $355.42 level

Stellar chart analysis

The price of Stellar climbed back up to 0.099208 this morning, testing this week’s high there. This time, we also lost momentum and began to retreat. A daily low price was formed at the 0.0977260 level. Additional support in that zone is the EMA 50 moving average, which did not allow us to continue on the bearish side. After that, a bullish consolidation was initiated, and the price recovered to the 0.098650 level.

We are again close to moving above 0.099000 and testing this week’s resistance level. Potential higher targets are the 0.099500 and 0.100000 levels. For a bearish option, we need a negative consolidation and pullback down to the 0.097500 level. New pressure on this morning’s low would increase momentum on the price of Stellar. Potential lower targets are the 0.970000 and 0.69500 ​​levels.

 

Bitcoin Cash chart analysis

On Wednesday, Bitcoin Cash finally woke up and started a bullish consolidation up to the $355.42 level. After forming the weekly high, the price lost momentum and initiated a pullback to support at $342.00. The further decline was stopped there, and the price started a recovery above the $350.00 level again. We are back above the daily open price, which is positive for a bullish option. Potential higher targets are the $352.00 and $354.00 levels.

For a bearish option, we need a negative consolidation and a drop below the daily open price. This would again signal Bitcoin Cash’s next pullback. With a new bearish impulse, we would see the beginning of a decline and the formation of a new low. Potential lower targets are $348.00 and $346.00 levels. We hope for renewed support in the EMA 200 moving average and the $342.00 level zone.

 

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