The cryptocurrency market seems to taking a breather from its recent bear run. Bitcoin Cash [BCH], Stellar Lumens [XLM] and Litecoin [LTC] are exhibiting signs of recovery, as was the case with most cryptos on Tuesday. However, bears still seem to be hovering in the background, capping large gains in most virtual currencies.
Bitcoin Cash [BCH] is edging higher, in line with a broader recovery seen in the cryptocurrency market. BCH found support at around $692.7, and shot up to as high as $707.9. After experiencing a brief consolidation phase, the coin is not attempting to break out from the current resistance level, noted at $710.4. The MACD shows that the digital asset is slowly creeping into the bullish zone, after spending most of the day in bearish territory. The 100 EMA line, at the time of writing, indicates that the coin is showing a downtrend, after briefly exhibiting a stable trend. As of 1758 GMT, BCH climbed 2.2 percent higher against the U.S. dollar to trade at $706.36. The coin is seen to be in a significant trading range of $688.2-$713.
BCH Latest Updates
Roger Ver recently sent Won Hee-ryong, the governor of Jeju Island located in South Korea, $100 worth of Bitcoin Cash [BCH] at an event. Won Hee-ryon has publicly acknowleged his interested of getting the country involved in crypto-related businesses. Ver made the Bitcoin Cash donation to authenticate the capability of cryptocurrencies.
Stellar Lumens [XLM] has been struggling to inch higher, as the coin has been battling intense selling pressure in over a week. The virtual currency found support at $0.23, and gained steam for a bit. However, XLM is unable to break out from the current resistance level, which can be traced at $0.24. The 100 EMA line shows that the digital currency is still exhibiting a downtrend, which has been the case since July 29. However, at the time of writing, the MACD indicated that the crypto pushing into the bullish zone, and may still have the potential to recover. The coin is seen to be in a significant trading range of $0.23-$0.25. As of 1823 GMT, the crypto edged up 3.9 percent against the U.S. dollar to trade at $0.24.
XLM Latest Updates
Most recently, Stellar project – which is behind the digital token – was recently declared Sharia compliant by the Central Bank of Bahrain. The central bank noted that Stellar was “the first distributed ledger protocol to receive Sharia compliance certification in the money transfer and asset tokenisation space.”
Litecoin [LTC] is tracking its crypto peers and showing signs of recovery. The coin found support at around $73.3, and proceeded the climb higher. The digital asset has since been trying to break out from the current resistance level, which is found at $74.9. The 100 EMA line indicates that the crypto is exhibiting a stable trend. The MACD showed that the digital currency, at the time of writing, was steadily making its way into the bullish zone. The coin was earlier trading in bearish territory for most of the day. The coin is currently locked in a significant trading range of $73.16-$75.15. As of 1841 GMT, LTC was 1.5 percent stronger against the U.S. dollar, trading at $74.46.
LTC Latest Updates
In a recent study by eToro, Mati Greenspan – a senior market analyst – stated that Litecoin [LTC] is not aiming to dethrone Bitcoin [BTC]. Rather, the coin plays a supportive role to Bitcoin, like silver does to gold.
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