Stellar to Bitcoin Cash: BTC Cash breaks above $500.00
- Stellar climbed to the 0.159100 level on Monday.
- During the weekend, there was a significant surge in the price of Bitcoin Cash from $307.00 to $530.66.
Stellar chart analysis
Stellar climbed to the 0.159100 level on Monday. We briefly held there as a pullback occurred to the 0.141000 level this morning. With new support, we initiate a new recovery and return to the 0.149500 level. We are close to moving above 0.150000 and continuing the previous bullish trend. A jump to 0.155000 would bring us closer to testing the previous high, and we might even see the formation of a new one.
Potential higher targets are the 0.160000 and 0.162500 levels. The price will be pressured to retreat if we fail to move above the 0.150000 level. The first support is at the 0.145000 level. If it doesn’t hold, we go lower to 0.140000 and form a daily low there. This confirms our bearish option. Potential lower targets are the 0.137500 and 0.135000 levels.
Bitcoin Cash chart analysis
During the weekend, there was a significant surge in the price of Bitcoin Cash from $307.00 to $530.66. In just over 24 hours, the price jumped over 65%. After forming this high, we started a retracement that continues today. This morning, we formed a three-day low at the $431.39 level. The price is under pressure below the $450.00 level and the EMA50 moving average. This could further influence a continuation of the pullback to lower levels.
Potential lower targets are $420.00 and $400.00 levels. We could expect stronger support at $390.00, where we encounter the EMA200 moving average. If Bitcoin Cash manages to consolidate at the current level, it could move above the $450.00 level with momentum. This initiates a possible recovery to the bullish side. Potential higher targets are $460.00 and $480.00 levels.
