To the delight of bullish investors, a surging market was the highlight of the day, with many of the industry’s altcoins closely aping Bitcoin’s own price movements.
At press time, Bitcoin was being traded near the $13,000-level, having risen by over 4.5% in the last 24 hours. Further down the cryptocurrency charts, Stellar Lumens, Cosmos, and NANO followed suit, recording bullish movements of their own.
Up by 2.5 % over the past 24 hours with a valuation of $0.0857 at press time, the digital asset marked a notable high from its recent lows seen over the previous week.
In fact, the dotted markers of the Parabolic SAR were below Stellar Lumens’ price candles and underlined an uptrend for the coin. The Relative Strength Index, while noting a slight downturn, was still near 60 and pointed to buying pressure in the market.
The present scenario, being bullish, may see the digital asset further rise well above its support level at $0.0852. At the same time, price stabilization along this level also remains a likely scenario.
The Chaikin Money Flow was noted to rise above zero, underlining a surge in buy liquidities as the level of capital inflows became greater than the outflows and established a strong bullish trend in the Cosmos market.
The simple moving averages were bullish too, with the 9 SMA (yellow) seen above the 20 SMA (cyan). The golden cross thus confirmed a bullish ATOM market as it approached the $5.557-level of resistance.
In related developments, Cosmos recently released an upgrade for Stargate, an open-source community bounty rewards program for finding low, medium, and high-risk vulnerabilities in the Cosmos ecosystem.
NANO, at the time of writing, was trading comfortably above the 50% retracement level marked by the Fibonacci retracement tool.
With near-term technical indicators painting a bullish picture, NANO’s price was closing in on its September highs.
The Awesome Oscillator also displayed a clear bullish zero-line crossover, signaling a positive trend for the short-term.
A flip of the 23.6% region or the $0.919-resistance level to support may solidify the bullish trend further, a scenario that may unfold after brief price corrections over the next few days.