Price analysis of Bitcoin Cash, Litecoin, EOS and Stellar Lumen on 05.21.2020
Can the price of altcoins be restored to the previous level today? Yesterday, the price of bitcoin cash consolidated above the two-hour EMA55 level, and in the evening reacted to the dynamics of the cryptocurrency flagship by falling below the POC line (238.31 USD).
At night, the pair tried to recover to the level of average prices, but now sellers are feeling pressure and the BCH price is balancing on the Point Of Control line.
If the bearish pressure intensifies, the price will roll back to the lower border of the blue range of 230.00 USD.
Yesterday, the price of Litecoin consolidated in the resistance area of 50% Fibo (45.83 USD), and in the evening, quite sharply, reacted to a sharp decline in the price of Bitcoin. The LTC / USD pair broke through support at 44.00 USD and set a minimum around 43.00 USD.
At night, the price recovered to the level of average prices, but as you can see, it still fails to gain a foothold in the two-hour EMA55 area. A return to the fifty percent Fibonacci retracement area would have seemed like the logical end to a random surge in prices.
However, if the onslaught of sellers continues today, then we see immediate support in the region of 42.00 USD. More powerful support is 38.2% Fibo (40.26 USD). The price of EOS consolidated yesterday above the two-hour level of EMA55, and in the evening broke through support of 2.60 USD and set a local minimum at 2.53 USD.
In the morning, the pair recovered to support 2.60 USD, but so far it has not been possible to gain a foothold in this area and continue to recover above the average price level.
If the bears resume pressure, the price may test a downward purple trend line around 2.40 USD. Yesterday afternoon, buyers tried to overcome the resistance at the level of 0.072 USD, but the sharp decline in the BTC price made the pair fall back to the support of 0.066 USD.
By the end of the day, the Stellar price almost completely recovered to the resistance area of 0.072 USD, but it was not possible to stay above the POC line (0.070 USD) until the morning.
Now, on small volumes, the price is gradually decreasing, and if the bears go on the attack with large forces, a rollback to the support area of 0.060 USD is possible. If the volumes remain low, the price will be able to stay in equilibrium on the POC line (0.070 USD).
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