The crypto market has been witnessing consecutive spurts of rising and falling prices. As the Bitcoin market noted a similar rise and fall on 12 July, which was imitated by the altcoin market too.
However, the BTC price once again was pushed down to $9.2k level and registered a 24-hour trading volume of $5.7 billion. However, the selling pressure was visible in its fork BCH, followed by other altcoins.
Bitcoin Cash [BCH]
According to the daily chart of Bitcoin Cash, the Bitcoin fork was valued at $228.16 at press time. However, the value of BCH was on a downtrend in the past couple of days. This constant pressure from the market marked it lower and was reported a return of 10.62% YTD. The coin’s next move upward will be to its immediate resistance at $245.83, while the support was at $216.36.
As per the Bollinger Bands indicator, the market may be opening up to volatility as the bands had diverged. While the signal line moved under the candlestick, expecting a bullish push to the coin’s price. The community was introduced to a new development in the ecosystem in the previous week, as stablecoin Tether [USDT] was officially minted on the Bitcoin Cash blockchain.
Stellar Lumens [XLM]
Similar to the BCH market with its ups and downs, the Stellar market was also in a downwards trend, after a spike in its price. As per the daily chart, XLM witnessed an upward push of almost 47%. However, the price began to trend down from $0.0969. At press time, XLM was being traded at $0.0878, while the immediate resistance stood at $0.1034 and support was at $0.0794.
With a YTD of 89%, XLM’s currently showing a great selling momentum. This trend was highlighted by the Awesome Oscillator indicator right after the great buying momentum in the market. Meanwhile, the SDF ecosystem members have been preparing to introduce exciting new developments to the Stellar Ecosystem proposal.
Dogecoin has been a gripping project in the crypto market, as it cannot be compared with the like of major crypto or even an alt. Recently the coin witnessed a 144% pump thanks to a TikTok video, which has been a new space even for the crypto community. However, with all the hype for the project, the coin’s price peaked at $0.0056, but also retracted to $0.0032, at press time. Due to a sudden surge, the price reached a level unseen since July 2019. Thus, as the coin tried to maintain the $0.0031 level, its immediate resistance was marked at $0.0032, while support was at $0.0027.
According to the Parabolic SAR indicator, this has given way to a bullish trend in the market. The markers of the indicator, aligned under the candlesticks pointing at this change in price trend, after being stuck in a bearish trend most of June.