Bitcoin halving triggers XLM, BAT surge as Bitcoin Cash trails

One of the most anticipated events of the year, the third Bitcoin block reward halving finally concluded on 11 May, with many altcoins seeming to have positively benefitted by the same. Since the halving, altcoins such as Stellar Lumens and Basic Attention Token have come away with impressive gains, while the fork coin Bitcoin Cash’s price movement continued to be sideways.

Bitcoin Cash [BCH]

Source: BCH/USD, TradingView

Over the past few days, Bitcoin Cash’s price has consolidated around its press time trading price of $237. Ever since Bitcoin’s halving event, the price of BCH has risen by 5 percent. At the time of writing, Bitcoin Cash was noting a market cap of $4.4 billion with a 24-hour trading volume of $2.9 billion.

The fork coin was seen to be extremely close to its support at $235, with another support at $226. If the price were to begin a strong uptrend, it may soon be faced with resistance at $257.

The Bollinger Bands for BCH were contracting significantly, suggesting that the price will continue stabilizing. The RSI was moving away from the oversold zone and may help with the coin’s price.

Yesterday, Bitcoin Cash network completed an upgrade that added features including new opcode support, a chain limit extension, and the improved counting of signature operations.

Stellar Lumens [XLM]

Source: XLM/USD, TradingView

Stellar Lumens, over the past few days, has been a big winner among altcoins, witnessing a surge over 12.5 percent in price. At press time, XLM was being traded at $0.067 with a market cap of $1.3 billion, making it the world’s eleventh-largest cryptocurrency. The price of Stellar Lumens registered a massive drop a few days before the Bitcoin halving event, with the alt facing resistance around its 10 May price point.

If the price of the coin were to fall, it may get help from the support at $0.062.

The EMA ribbon for XLM, at the time of writing, was above its trading price and may offer resistance against its…

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