Biggest Movers: BCH 5% Higher on Monday, XLM Avoids Drop Below Support
Bitcoin Cash was one of Monday’s biggest movers, rising by as much as 5%, despite markets mostly consolidating to start the week. The global crypto market cap has been largely unchanged, with volatility mostly muted. Stellar also rose higher, avoiding a drop below a key support point.
Bitcoin Cash (BCH)
Bitcoin cash (BCH) rose by as much as 5% to start the week, despite the wider market mostly trading lower.
BCH/USD jumped to a peak of $242.29 earlier in today’s session, following an earlier low of $219.27.
The move came after BCH briefly broke out of a support point at $220.00, with traders swooping in to buy the dip.
Another catalyst to the surge appears to be the 14-day relative strength index (RSI) moving past a ceiling at 48.00.
Currently, price strength is tracking at 49.48, which is marginally below the next point of resistance at 50.00.
In the event this level is breached, there is a strong possibility that BCH could move towards $260.00.
Stellar (XLM)
Additionally, stellar (XLM) was another token in the green on Monday, as it continued to move away from a floor of $0.1345.
Following a low at $0.1380 on Sunday, XLM/USD rallied to an intraday high of $0.1431 earlier in the day.
This is the third straight session that stellar has traded higher, and comes despite a recent downward crossover of moving averages (MA).
As can be seen from the chart, the 10-day (red) MA moved below its 25-day (blue) counterpart, which is typically a bearish signal.
Even though momentum has shown signs of weakness, XLM bulls will likely continue to target exits at a ceiling of $0.1600.
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Are there any fundamentals behind stellar’s rally? Let us know your thoughts in the comments.
Source: Bitcoin.com
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