Stellar and Bitcoin Cash: Stellar falls to a new yearly low
Over the weekend, the price of Stellar was under strong bearish pressure after failing to return to the bullish side.
The price of Bitcoin Cash is moving further away from the April highs of the first week.
Stellar chart analysis
Over the weekend, the price of Stellar was under strong bearish pressure after failing to return to the bullish side. We saw the first volatility on Friday, and the price dropped to 0.103080. On Saturday, we first attempted consolidation above the 0.110800 level, but there was a breakout below and a drop to a new lower low at the 0.091439 level. We stayed below for a short time and a quick return above the 0.105000 level followed.
Stellar recovered to the 0.114100 level on Sunday and Monday and stopped there. We failed to continue above and were forced into another pullback to the 0.104000 support level. We are still under bearish pressure because today, we do not see any serious bullish signals that could push us to higher levels. Potential low targets are 0.102500 and 0.100000 levels.
Bitcoin Cash chart analysis
The price of Bitcoin Cash is moving further away from the April highs of the first week. On Saturday, we saw a new low price at $443.83. In just one week, the price dropped from $719.00 to $443.00, losing 38% of its value. In the past two days, we have seen the price recover to the $570.00 level, where we encountered the 200 EMA, which does not allow us to move above it.
This led to another bearish consolidation and a drop to the $470.00 level today. We are on our way to testing the previous low soon, and we may see the formation of a new one. Potential lower targets are the $460.00 and $450.00 levels. We need to get back above the $500.00 level for a bullish option and try to hold up there. If we succeed, we will create a good position to start a Bitcoin Cash recovery.
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