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Bitcoin’s price has risen 7.87 percent in the previous 24 hours, with the king currency currently trading at $38,645. Its impact might also be seen on a variety of cryptocurrencies. While Binance Coin quickly followed suit, increasing its price by 10% in 24 hours, EOS and XLM remained inert. Even Stellar’s (XLM’s operating network) update to Protocol 17 had no effect on XLM’s pricing.
Binance Coin [ BNB ]
Binance Coin has been steadily climbing over the previous five days. The coin was near to the low $311 level in the early hours of May 31, and it has since risen by 36.6 percent to trade at $418 at press time. On the Relative Strength Index (RSI), rising purchasing pressure pushed the indicator into the overbought level (70.1), suggesting that selling pressure was on the way.
Similar movement could be seen in the case of the On Balance Volume indicator, which showed the market’s purchasing momentum surging. Furthermore, the Bollinger Bands (BB) had indicated that there will be volatility on May 31. As considerable divergence on the bands was noticed at the time of writing, this volatility does not appear to be abating anytime soon.
If the current rise continues, BNB might test the $460 barrier level. If it manages to break through, the next level of resistance will be set around $501. In any event, the currency was protected from going below the $292-support level.
EOS had strong volatility towards the end of May, with the coin’s price increasing by 61 percent in the past 12 days, from $4.01 to $6.43. However, this volatility ended in the late hours of May 29, and the coin has since moved strictly sideways. The Awesome Oscillator also showed a minimal shift in momentum. However, the presence of green bars at press time indicated the emergence of bullish momentum.
The Chaikin Money Flow indicator did not show any significant capital inflows, either, with the green indicator remaining close to neutral.
However, with the Simple Going Averages lines – 50 SMA (orange) and 100 SMA (red) – both moving below the candlesticks at the time of writing, an upswing may be on the way.
An immediate price increase cannot be predicted in the absence of stronger positive indicators. For a long time, $6.95 has acted as a powerful resistance, and a breach of it would consolidate the coin between $7.27 (next resistance) and $4.87 (support).
Stellar Lumens [XLM]
XLM, in particular, has not been performing well in the market for some time. The coin’s movement was confined to the $0.47 resistance and $0.34 support levels. Although the MACD indicated a bullish crossing twice in the recent ten days, neither signal was powerful enough to break over the barrier level. The blue MACD indicator line and the red signal line were close to the neutral zone at the time of publication.
The white dotted line of the Parabolic SAR indicator stayed below the price indication at press time, indicating an uptrend.
The Average Directional Index (ADX) on the 4-hour chart was 23.6. If the indicator climbs over 25.0 in the next several hours, a trend reversal is likely.
A strong rise might push the price higher. However, larger market indicators indicated that XLM would remain inside the current resistance and support levels.