Bitcoin Cash, Litecoin, EOS and Stellar Lumen price analysis on 05/13/2020
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Bitcoin Cash, Litecoin, EOS and Stellar Lumen price analysis on 05/13/2020 |
If altcoin prices can gain a foothold above the average level, then we can count on continued recovery. Yesterday, the volume of purchases was below the average level, and the pair BCH / USD could not continue to grow to the two-hour moving average EMA55. During the day, the price of bitcoin cash consolidated for a long time on the Point Of Control line (234.92 USD), and by the end of the day sank to the lower border of the blue range.
However, there was no strong seller pressure, and the pair was able to stay in the side corridor, and in the morning to recover to the previous level to the POC line.
We believe that in the near future the positive dynamics of the price will continue, within the lateral range. The pair can break through the average price level and gain a foothold in the region of 245.00 USD. Yesterday, buyers tried to continue the Litecoin price recovery, but could not overcome the resistance of the declining purple trend line. This morning, the attempt was repeated, but it is still not possible to break through to the level of average prices.
However, judging by the short pullback, there is no pressure from the sellers, so today you can count on a break above the two-hour EMA55 and a re-test of 44.00 USD.
If this level provides support to the pair, then before the end of the current week the pair may return to the area of the fifty-percent fibonacci level (45.82 USD). After the general nervousness of the market after the bitcoin halving began to fade, trading volumes decreased significantly, but there has not yet been any certainty in the dynamics of prices in the altcoin market. Yesterday, trading on EOS took place at low volumes and the price settled sideways at around 2.44 USD.
If the volume of purchases moves slightly from a low level, then recovery above the average price level and a re-test of resistance of 2.60 USD are possible. Yesterday, Stellar price growth continued to the two-hour EMA55 and buyers were able to overcome the resistance of this moving average. In the evening, the average price level supported the pair, and in the Asian session, the price came close to the POC line (0.072 USD).
The morning rollback was limited to yesterday's support at the average level, so there is reason to believe that today growth can continue above the Point Of Control indicator line (0.072 USD) to the green trend line (0.080 USD).
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