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Decred, Stellar Lumens, Bitcoin SV Price Analysis: 23 August

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Source: Pixabay

Bitcoin was trading between $11,400 and $11,600 over the weekend. A lack of momentum in Bitcoin can sometimes make alts register big gains. and this might play out in the coming days in the case of Decred. Bitcoin SV has steadily been giving in to selling pressure throughout August, and more red could be in store. Stellar was bouncing between support and resistance zones.

Bitcoin SV [BSV]

Decred, Stellar Lumens, Bitcoin SV Price Analysis: 23 August

Source: BSV/USD on TradingView

Bitcoin SV had a marketcap of $3.5 billion, with a rank of 8. The 24-hour trading volume was $719 million, a value that has been declining for the past two weeks after making the $250 local high.

BSV was losing recent gains after failing to hold on to $230 level. 100 EMA (pink) was still above 200 EMA (purple) but the gap was closing, indicating a shift in momentum. This is also apparent from BSV’s failure to make higher highs while registering lower lows.

Awesome Oscillator was also in the bearish territory with no reversal evident. Expect 200 and 100 EMA to act as resistance, while $180 would be support level. A further downtrend can break past $180.

Decred [DCR]

Decred, Stellar Lumens, Bitcoin SV Price Analysis: 23 August

Source: DCR/USDT on TradingView

Decred has had a green August. It broke past then resistance of $16.7 to flip it to support, retested the same support, and spiked all the way near $24.

Fibonacci retracement indicated important levels of support and resistance. At press time, DCR went below 0.382 retracement level, meaning price had retraced 38.2% from local high. The 0.5 level could act as support. RSI showed 58, suggesting bullishness. It is likely DCR can move to maintain the strong uptrend in the coming days

Failure to hold $19 can see a move to $18, representing a 61.8% retracement.

Decred had a marketcap of $232 million, ranked 62. Yesterday’s price surge was accompanied by heavy volume, with a 24h volume of $28 million. This was more than four times the daily average of $6 million for Decred through the month of August.

Stellar Lumens [XLM]

Decred, Stellar Lumens, Bitcoin SV Price Analysis: 23 August

Source: XLM/USD on TradingView

XLM broke past support at $0.106 to test $0.101, bounced to $0.106 and dipped again to trade at $0.101 at press time. Volume Profile showed that the strongest levels were $0.101 and $0.95. A further drop could push the price to $0.8.

50 SMA (yellow) was at $0.106, reinforcing that resistance level while 20 SMA (white) had crossed below 50 SMA and can also act as resistance to XLM’s attempts upward.

Buyers would need to step in with force to effect a notable change in trend at $0.101 and $0.095. Consolidation could be in the making, as buyers and sellers wrestle with price.

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Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.