Bitcoin Cash, Litecoin, EOS and Stellar Lumen price analysis on 05/08/2020
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| Bitcoin Cash, Litecoin, EOS and Stellar Lumen price analysis on 05/08/2020 |
Altcoin prices showed weak growth yesterday, and today they have returned to their previous level. Will buyers be able to recover to the April high before the end of the week? Yesterday, buyers were able to overcome the average price level and continue to recover to the upper border of the blue corridor.
At the end of the day, trading volumes began to decline, in the Asian session, growth slowed significantly. The price of bitcoin cash could not test the resistance of 260.00 USD, and in the morning returned to the area of 250.00 USD.
If the two-hour EMA55 will limit today's pullback, then buyers will try to leave the wide side corridor and continue recovering to the April maximum zone.
If the moving average EMA55 does not deter sellers, they will be able to test the support of 230.00 USD. Yesterday, the price of Litecoin was able to gain a foothold at the level of 50% Fibo (45.82 USD), and in the evening, buyers managed to generate a fairly powerful bullish momentum, which broke the resistance of the violet line of the local downtrend.
At night, the pair indicated a maximum at 48.34 USD and in the pullback tested the purple trend line. If this dashed trend line supports the price, then growth may continue to the area of the April maximum.
If the bears return the LTC price to the narrowing purple corridor, the price will roll back to the support area of 44.00 USD. Yesterday at the end of the day, buyers pierced the average price level, but failed to break through the resistance of the violet line of descending highs at the Asian session.
This morning the pair returned to the POC line (2.71 USD), which suspended the decline. If buyers manage to resume night growth, then the price can test the three-dollar resistance.
If the bears sell the equilibrium price at the level of the Point Of Control indicator line (2.71 USD), then the pair will roll back below the support of 2.60 USD. Yesterday, the Stellar price was held by the bottom line of the uptrend in a narrow lateral range. Sellers all the time tried to pierce this support, but until the morning the pair lay on the POC line (0.072 USD).
In the morning, the bears pushed the green line of the uptrend and rolled the pair back to the area of 0.070 USD. If pressure on their part continues, the pair will roll back to the support of 0.066 USD.
However, the trading volumes are still very low and at small volumes, buyers could return the XLM price to the upward green channel, and if the purchase volumes increase, the pair can test the resistance of 0.080 USD.
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