During the course of the past day, the altcoin market has seen renewed bullish momentum enter the market. With Bitcoin moving upwards on the charts, many popular altcoins like Stellar, Cardano, VeChain all saw their trading price appreciate by up to 10 percent.
At the time of writing, BTC was trading at $52,748 after having seen its price rise by 6.22 percent in the past 24-hours.
Stellar currently occupies the 17th rank on CoinMarketCap’s list with a trading price of $0.45 and a market capitalization of over $10 billion. In the past 24-hours alone, XLM saw its price surge by over 6 percent and is now close to breaching immediate resistance at $0.46. However, if the trend were to see yet another reversal, XLM may have to rely on the $0.41 price range for support.
Bollinger Bands are now starting to diverge once again, indicating increased volatility in the market in the coming 12 hours. The RSI indicator looks promising as it heads out of the oversold zone and moves towards the overbought zone.
Cardano saw its price rise by close to 9 percent in the past day’s time and was trading at $1.19 with a 24-hour trading volume of $2.8 billion. If the bullish momentum were to prevail, ADA is likely to enter the strong resistance range around $1.28. The $1.07 price level is a strong level of support and was key in ADA’s bounce back.
MACD indicator for the coin has undergone a bullish crossover with the signal line going below the MACD line. RSI indicator continued to move towards the overbought zone and signal a bullish market for ADA.
VeChain’s price saw significant bullish momentum and was valued at $0.19 and the coin is likely to face strong resistance around the current level. If this price range can be breached, VET may soon head towards the $0.21. However, in the case of a pullback, VET can rely on its strong support at $0.17.
EMA ribbons have settled right above the current trading price and is likely to offer resistance against the upward movement. MACD indicator has undergone a bullish crossover and signals that the short-term price hike is likely to continue.
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