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BAT, Stellar Lumens, VeChain Price Analysis: 07 August

Bitcoin’s latest attempt to climb on the charts has been met by some degree of success, with the world’s largest cryptocurrency, after a long time, managing to hold a level above the psychological resistance of $10,000. At press time, Bitcoin was being traded at $11,736 with a trading volume of $8.3 billion.

Source: CoinStats

Such success was underlined by the fact that while BTC failed in its attempt to sustain a breach of $12,000, it didn’t fall below $11,000, implying that Bitcoin is again building up strength before its next effort. The same had a profound impact on the performances of alts like Stellar Lumens, VeChain, and Basic Attention Token.

Stellar Lumens [XLM]

Source: XLM/USD on TradingView

Stellar Lumens, the crypto-market’s 14th-largest crypto, hasn’t had the best of times over the past 8-10 months or so. In fact, while XLM was once a regular in the top-10, it isn’t anymore, with XLM overtaken by the likes of Tezos, Cardano, Chainlink, and Crypto.com Coin. However, true to its altcoin credentials, the month of July came as a relief for XLM, which is why at the time of writing, its YTD gains were as high as 135%.

Interestingly, while XLM had stagnated somewhat towards the latter half of July, Bitcoin’s resurgence in August came as a godsend. In fact, at press time, XLM was up by over 12% over the last week.

The cryptocurrency’s technical indicators were evidence of the recent movement as while the Parabolic SAR’s dotted markers were well under the price candles, the Awesome Oscillator pictured a lot of momentum in the XLM market, despite the fact that the histogram was largely bearish.

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On the development front, there hasn’t been a lot to report. However, U.K-based challenger bank Revolut did announce XLM support.

Basic Attention Token [BAT]

Source: BAT/USD on TradingView

Brave browser’s native crypto, Basic Attention Token aka BAT, has done well for itself since the catastrophic market crash back in March. In fact, while recovery has been slow, a look at its charts would reveal that BAT had been on a gradual uptrend for a long time. However, the same seems to have stagnated over the past few weeks.

While BAT did gain on the back of Bitcoin’s latest resurgence (7% in the last 5 days), the price hike wasn’t enough to rejuvenate the dormant uptrend on the charts.

BAT’s technical indicators seemed to correspond with such an observation as while the Bollinger Bands revealed that BAT might continue to trade within a tight channel, the MACD line was pretty close to the Signal line.

The crypto was in the news recently after Brave’s new partnership with Japan’s BitFlyer meant that local users will finally be rewarded BAT.

VeChain [VET]

Source: VET/USD on TradingView

The crypto-market’s 18th-ranked crypto, VeChain has been one of the market’s best-performing assets over the course of 2020. In fact, at the time of writing, VET was noting YTD gains of over 275%. Like XLM, VET too surged on the back of the altcoin market doing so well in the month of July.

While VET had been on a downtrend since it hit a local top in the second week of July, its recent hike of 22% was pushing the crypto into yet another uptrend on the charts.

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The latest movement had a significant effect on VET’s indicators as while the Chaikin Money Flow surged over zero to underline the fact that there were higher capital inflows, the Relative Strength Index was climbing towards the overbought zone.

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Linda Hopkins

Linda is one of the oldest contributors to Sunriseread. She has a unique perspective with regards to business and technology. She aims to empower the readers with the delivery of well-written news pieces, and most importantly, she always tries to bring the news quicker to the readers.

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