Stellar, BNB Price Forecast: July 16, 2021
The cryptocurrency market is generally dealing with a gust of bearish waves. However, as the week comes to an end, the intensity of the downward force appears to be fading. Hence, some selected crypto assets are already coming up to gasp for air.
Bitcoin has made it above $32,000 ahead, an expected upswing to highs around $36,000, perhaps during the weekend. Binance Coin and Stellar have the most significant single-digit gains, and we will investigate if their recovery is sustainable and what investors should expect going forward.
Stellar recently bounced off support at the descending parallel channel’s lower edge. However, investors had no idea that this was the beginning of a remarkable recovery journey. The cross-border money transfer token triggered massive buy orders on breaking the barrier presented by the upper boundary in conjunction with the 50 Simple Moving Average (SMA) on the four-hour chart.
Meanwhile, Stellar is trading at $0.25 amid a fierce battle between the bulls and the bears at the 100 SMA hurdle. A four-hour close above this zone will validate the bullish outlook and mark the beginning of XLM’s uptrend to $0.3.
On the upside, the 200 SMA, holding at $0.27, is expected to challenge to bulls’ bid for $0.3. However, all the short-term technical indicators point Stellar to an upward trajectory, including the RSI and the MACD.
XLM/USD four-hour chart
BNP price is on the verge of a massive breakout despite trading between two confluence levels. The support is provided by the 50 SMA and the lower edge of the ascending channel, while the immediate upside is capped by the middle boundary and the 100 SMA.
The native exchange-based token currently teeters at $320, following an upswing from $290. A daily close above $300 encouraged bulls to stamp their feet down as investors gazed at $400.
In the meantime, technical indicators have flipped bullish, starting with the MACD crossing above the mean line (0.00). Moreover, the bullish narrative will become more potent if the 12-day EMA confirms the position above the 26-day EMA, thus sending a call to buy BNB.
BNB/USD four-hour chart
The RSI adds credence to the ongoing recovery as it lifts above the midline toward the overbought region. In other words, as the bearish force fades, buyers seem to be getting aggressive for gains toward $400.Source