Bitcoin cash (BCH), Cardano (ADA) & Stellar (XLM): Possible Bullish Accumulation
Bitcoin cash (BCH)
Like the rest of the crypto market, bitcoin cash (BCH) has taken a serious beating in the last few months. In the last 24 hours, there seems to be nothing interesting happening around this crypto. Volumes have declined, and the charts are pretty much flat. This could be an indication of either of the following two things. The first one is that investors are not that interested in bitcoin cash at the moment. Secondly, it could mean that investors are accumulating on Bitcoin cash. Investors usually tend to accumulate on cryptocurrencies and other assets in times of low volatility, in anticipation of an upside break.
Given that Bitcoin cash and the rest of the altcoins market usually follow the price of bitcoin, there is a good chance that bitcoin cash is in an accumulation phase. That’s because the current sentiment for bitcoin in different online forums is 70% positive, indicating that a good number of investors anticipate the price to rise.
In essence, we can draw the conclusion that bitcoin cash (BCH) is in an accumulation phase. Investors are most likely buying, in anticipation of a price surge in coming days. This is a good possibility, considering that it is already sitting on a major support level at around $600.
Like every other market, Cardano (ADA) has been in the red for some time now. It has already dropped below the psychological price level of $0.20. However, this break below the previous support seems to have excited the market, and buyers are coming in to the market. In the last few hours, Cardano has seen some minor gains, signaling a renewed interest, at the current low prices.
This is fully in line with the Cardano market sentiment at the moment. Currently, Cardano has a positive sentiment of 75%, in the 45 mentions that it has had in the market in the last 24 hours.
Therefore, we can draw the conclusion that there is a strong bullish sentiment in Cardano at the moment. It is an indication that the current low prices are drawing in new investors into Cardano, in anticipation of a price rally, in coming days. This makes sense given that Cardano (ADA) is one of the strongest projects in the smart contracts space.
Stellar (XLM) has had a series of good news in the last few weeks, all pointing to some great partnerships in the future. However, the price has not gained much, due to the bearish trend in the entire market. That’s why it is easy to tell the prevailing market sentiment of Stellar by looking at Bitcoin’s (the dominant crypto’s) current sentiment.
Based on this correlation, we can anticipate that Stellar Lumens might make further gains in coming hours. The price has gained slightly and looks set to break above $0.20. That’s quite correlated to bitcoin’s current positive sentiment that stands at about 70%. It’s an indication that money is coming in, in anticipation of a bull run.