The much-hyped alt season still seems to be a distant dream even though most alts are continuing to make minor gains towards recovering the losses they collectively incurred during the previous month’s massive price crash. Altcoins such as Stellar, Bitcoin Diamond and Qtum have seen their price surge up to 10 percent in less than a week’s time.
The Stellar Development Foundation [SDF] has been in the news for announcing that it plans to donate around $2.5 million as an aid to support efforts against the COVID-19 pandemic. Since the start of the month, Stellar has done fairly well and has seen its price go up by 6.5 percent. At press time, XLM had a trading price of $0.041 and a market cap of $848 million. If the bullish momentum were to sustain, the price of XLM could soon test resistance at $0.043. In case the price drops, there are two strong supports at $0.040 and $0.038.
MACD indicator has currently undergone a bullish crossover implying an upcoming price hike. The RSI indicator also shows bullish sentiment as it heads towards the overbought zone.
Bitcoin Diamond [BCD]
Bitcoin Diamond, over the past week, registered significant gains. BCD’s current price of $0.49 marks a 10 percent increase in less than 7 day’s time. At press time BCD had a market cap of $91 million and a 24-hour trading volume of $8 million. BCD’s price is likely to soon test support at $0.47 if a price correction were to occur. There is also another support at $0.44 and a key point of resistance at $0.53.
Bollinger Bands for BCD have contracted substantially and signal very little price volatility and its moving average is now proving support for the price. RSI indicator, however, has made a reversal and is now heading towards the oversold zone.
In the past week, another big winner among the altcoins happens to be Qtum registering over a 10.5 percent increase in its price. Currently, Qtum has a trading price of $1.27 and if the price were to continue on this uptrend, it might not be long before the resistance at $1.31 is tested. There are also two important points of support at $1.24 and $1.92.
EMA ribbons have now gone below the price of the coin and are now providing support for the coin’s price. The Stochastic indicator, however, is now moving towards the oversold zone – a sign of bearishness.