Binance’s BNB remains the fifth-largest cryptocurrency by market cap despite its latest pullback.
An analyst is also bullish on Stellar (XLM), predicting gains if bulls hold a crucial support level.
Notably, the price of BNB reached lows of $620 on Dec. 20, while that of XLM traded at $0.31.
But can bulls reclaim support zones and push BNB, and XLM higher?
BNB price sees a minor bounce
Although the BNB market cap is down since its ATH earlier this month, it has recovered to recent highs of $675 and could target $700.
BNB’s uptick comes amid an overall weakness in the altcoin market and BTC’s struggles to chart a fresh upside.
The flagship cryptocurrency touched lows of $92k last week.
In this case, sentiment is slightly bearish for altcoins. However, as Binance put it in a recent blog post, the crypto market often experiences dramatic swings.
“Beyond the headlines and “number go up” narratives”, a long term view is often the key to opportunity, Binancr wrote in the blog post. Two strategies investors use include dollar-cost averaging and HODLing.
BNB’s minor bounce includes a 0.5% return in the past 24 hours.
BNB Chart: TradingView
After diving to lows of $620, BNB has retested $675 and then slipped off the resistance line.
The altcoin’s daily chart shows the relative strength index and moving average convergence divergence indicators favouring the sellers.
If BNB falls below $600, it could rely on primary support near the $550.
Nonetheless, the daily RSI is pointing to a potential upward extension and the primary target could be $800 and then the psychological $1,000.
Stellar (XLM) price shows buy signal
Stellar price is down 3.3% in the past 24 hours and 17% in the past 30 days.
This outlook has the XLM token trading within the lower range of $0.3481 – $0.3706, off weekly highs of $0.46. XLM’s latest struggle coincides with the declines for all top altcoins by market cap.
In November, Stellar rallied as XRP exploded following the US election and Donald Trump’s win.
Stellar price has also surged in recent weeks as Ripple announced the imminent launch of its stablecoin RLUSD. But with Bitcoin slipping amid broader market sell-off pressure, XRP fell to around $2 and XLM tanked to the aforementioned level.
Crypto analyst Ali Martinez says Stellar has a potential buy signal on the daily chart.
“If The TD Sequential presents a buy signal on the Stellar $XLM daily chart, anticipating a price rebound if the $0.33 support level holds,” the analyst posted on X.
The TD Sequential presents a buy signal on the #Stellar$XLM daily chart, anticipating a price rebound if the $0.33 support level holds!
8:45 am · 23 Dec 2024
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