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XRP and Stellar Lumens [XLM] Price Analysis: Bulls lead resistance against market correction – AMBCrypto News


The cryptocurrency market, propelled by Bitcoin’s [BTC] bull run over the past week, witnessed the breach of several previously set resistances. According to CoinMarketCap, the collective market capitalization stood at $170.9 billion at press time.

Bitcoin [BTC] held a market cap of $87.77 billion and registered a 24-hour trading volume of $17.93 billion. The largest cryptocurrency exhibited a slight decline of 1.07% against the US dollar over the past 24 hours. However, it surged by 22.45%  over the past seven days.

Litecoin [LTC], the fourth largest cryptocurrency on CoinMarketCap, registered a market cap of $5.35 billion and a 24-hour trading volume of $3.92 billion. LTC was priced at $87.49 and exhibited a minor rise of 0.02% over the past 24 hours, while registering a surge of 43.45% over the week.

1-day BTC chart

Source: TradingView

Bitcoin’s one-day chart exhibited a major downtrend from $6,459 to $4,186, with no uptrend in sight. The support for the crypto-asset was found at $4,003, $3,715, and $3,272. BTC breached its previous resistances, rallying beyond $5,000. The immediate resistance for the BTC daily chart stood at $5,654 and $6,459.

Bollinger Bands: The mouth of the bands was diverging, depicting a possible price breakout for the digital coin.

Awesome Oscillator: The closing bars of the indicator were green and predicted a bullish phase for the coin market.

Chaikin Money Flow: The CMF was well above the zero-line, suggesting that money was flowing into the coin market.

1-day LTC chart

Source: TradingView

On LTC’s one-day chart, an uptrend from $32.90 to $45.68 was seen. This was followed by a minor correction, and another uptrend from $45.68 to $60.31. A minor downtrend from $89.56 to $34.60 was also seen. The coin was anticipated to retrace July 2018’s glory by breaching the $90 resistance. The support points for LTC stood firm at $28.66 and $23.64.

Parabolic SAR: The dotted markers were below the candlesticks, suggesting a bullish price pattern for the silver coin.

Klinger Oscillator: The reading line was also above the signal line and exhibited a bullish trend for LTC.

MACD: The MACD line was also above the signal line, predicting a bullish phase for the coin.

Conclusion

The daily chart for both Bitcoin and Litecoin projected strong bullish signals for the coins.



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