Economy 25-04-2024 10:19 7 Views

Stellar Price Analysis: Bitcoin Cash Drops Below $480.00

Stellar chart analysis

Stellar Price Analysis: Bitcoin Cash Drops Below $480.00

  • On Wednesday morning, the price of Stellar rose to 0.120375 levels. 
  • Bitcoin Cash fell below support at the $500.00 level yesterday.

Stellar chart analysis

On Wednesday morning, the price of Stellar rose to 0.120375 levels. After the formation of a new high, we saw the initiation of a pullback that lasted until this morning, falling to a new weekly low at the 0.111972 level. We have pulled back below the EMA200, which only adds to the bearish pressure on the Stellar price. After the new low, the price recovered to the 0.114000 level but still remained below the moving average.

We need a stronger bullish impulse to bring us back above and trigger a further recovery to the bullish side. Then we need to hold on up there and form a new bottom there. After that Stellar could initiate further consolidation to the bullish side. Potential higher targets are 0.116000 and 0.117000 levels.

Stellar chart analysis

Bitcoin Cash chart analysis

Bitcoin Cash fell below support at the $500.00 level yesterday. With three strong bearish impulses, the price dropped to $480.00. The consolidation continued this morning, and Bitcoin Cash dropped to a new weekly low of $472.30. We are holding above that level for now but remain under bearish pressure. This could lead to a new bearish impulse and a break below the previous support.

Potential lower targets are $470.00 and $465.00 levels. We need a positive consolidation and a move above the $485.00 level for a bullish option. With that, we move above the previous bearish formation and turn to the bullish side. Potential higher targets are $490.00 and $495.00 levels. The EMA200 moving average is in the $500.00 zone.

Bitcoin cash chart analysis

 

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