Connect with us
Active Currencies 14902
Market Cap $2,224,380,582,658.60
Bitcoin Share 50.91%
24h Market Cap Change $-2.48

Zcash, Stellar Lumens, BAT price analysis: 24 August

2min Read

Share this article

A slowly sliding Bitcoin dominance is once again paving the way for altcoins to make gains in the medium to long-term timeframe. At the time of writing, Ethereum was trading at $406 after a drop over the weekend. Zcash experienced a 15% surge before falling to support. Stellar showed mixed signals on the short-term, and has been exhibiting a range-bound behavior throughout August. BAT saw a pullback on its recent surge upward.

Zcash [ZEC]

Zcash, Stellar Lumens, BAT Price Analysis: 24 August

Source: ZEC/USDT on TradingView

With a marketcap of $810 million, Zcash was ranked 27th on CoinMarketCap. ZEC exhibited a bullish divergence that drove prices from near $72 to reach $84 and reclaimed support at $80. This move was backed by volume as well, with a 24h trading volume of $435 million that was 30% higher than the past three days’ average.

RSI showed a value of 60, and there is the potential for an uptrend if RSI does not break below 50. If support at $80 holds, bulls can look to target $91. A loss of support can drop price back to $72.

Stellar Lumens [XLM]

Zcash, Stellar Lumens, BAT Price Analysis: 24 August

Source: XLM/USD on TradingView

XLM showed some contrasting signals. It successfully defended support at $0.101. Parabolic SAR gave a buy signal, but the 20 SMA (white) was below the 50 SMA (yellow) showing that short-term trend had been bearish.

The idea that this short down-trend had been reversed is not backed by CMF, which showed capital outflows from the market. The price rise to $0.106 is possibly not backed by buyer interest.

If price does not set a higher high of above $0.109, it can be a supporting argument that the rise at time of writing was inorganic in the short-term.

Basic Attention Token [BAT]

Zcash, Stellar Lumens, BAT Price Analysis: 24 August

Source: BAT/USD on TradingView

BAT showed a bearish divergence, with price reaching a higher high but On Balance Volume showed that buy pressure had eased. This indicated that the price rise was not backed by buyers, and that price is due for a correction.

As highlighted by Fibonacci retracement tool, likely levels of support for BAT are the 23.6% and 38.2% retracement levels at $0.391 and $0.359.


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.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.