The market continues its bearish trend affecting all the major coins in a more or less similar fashion. The cryptocurrencies have not yet recovered from yesterday’s fall and they have continued to be in the red zone. Both the last hour’s statistics and last 24 hours’ statistics show that almost all the cryptocurrencies are in the red zone. As a result, the coin market capital has dropped considerably from yesterday’s $266.565 billion to $251.692 billion today. The cryptocurrency market is currently trading 1597 cryptocurrencies in 10003 markets up and running. The Bitcoin dominance has come down by a small amount to 45.1% compared to yesterday’s 45.4%.
A group of investors, miners, journalists, skeptics, and influencers were brought together for a panel discussion and based on the interviews that were conducted, we have carefully structured this segment called sentiment analysis. This segment brings to you sentiments from across the world about the current trends in the cryptocurrency market along with experts statements. Today’s analysis is on three of the top 15 coins viz. Bitcoin [BTC], Stellar Lumens [XLM] and NEM [XEM].
Bitcoin is currently trading at $6774.84 which means that the developments made by the coin in its prices have been nullified. It has dropped below the $7000 mark again and it has a market capital of $114.896 billion at the time of writing. The coin is currently under strong selling pressure and it looks like the bears will run it down. The previous major support was at $7000 and it has been broken now. The coin is oscillating between $6700 to $7500 levels.
Jean Paul, an altcoin analyst from Kingston says:
“A bounce is expected at the support zone at $6500 level and the prices may go up to $7600 – $7700. It is already going up and seems like the bulls are kicking in. The only thing that can fuck us up is a bull trap. We have seen that before. But don’t let it scare you. If we fall under the $6500 level, everything will be dark.”
Amy Anderson, a financial expert from Liverpool says:
“Basically everyone was calling for the moon and Lambos yesterday. Round about that time, I had suspected a bull trap and I kept on saying that we need to stay focused on the primary trend. Don’t let these small rallies blind you from the crippled state of this market. Untill we see that the bottom is in, the trend is our friend.”
To conclude, 67% of the Bitcoin respondents feel that the current trend is a bull trap and that the price will not progress any further than $7300. They believe that the trend is bearish. But another 33% of Bitcoin believers feel that the bulls will take the prices past $7500 mark by next week.
Stellar Lumens [XLM]
Stellar Lumens is currently ranked at the 8th position with a market capital of $3.694 billion. It is priced at $0.199 at press time almost pushing $0.20 mark. The previous support was at $0.20 and breaking of which led to this momentary downtrend. It went down to an intra-day low of $0.195 and the coin appears to be struggling to stay above $0.20. The coin is currently experiencing selling pressure. People are expected to HODL till we see a bullish breakout.
Andy Rickson, an altcoin miner from Dallas says:
“The Stellar Lumens is down by 5.90%. Purchasers are expected to go for $0.40 for the time being. There has been no signs of increasing volume, so this may be just a continuation of the bearish trend and the chances are that it will fall down to $0.15 in days to come.”
Thomas Tan, a Financial Advisor from Oakland says:
“XLM was positioned well for a bullish reversal showing promising signs of a reversal against BTC pairing. It has spent the last for months in a bearish channel and it seems to be continuing further. The bulls will only appear once the coin crosses the $0.25 mark and yesterday it was expected that it will go up till $0.30.”
55% of the XLM respondents feel that the bearish trend will continue for XLM and the coin will not recover any time soon. Another 45% of the respondents feel that once the coin crosses $0.20 mark again it can rise up further.
Ranked at number 15, NEM is currently trading at $0.220 with a market capital of $1.988 billion. Yesterday’s gains were short-lived for NEM as it back in the bearish zone. It went down by a 10.8% yesterday to close the day at $0.227. The intra-day high of $0.241 failed to touch the resistance level of $0.2729 and it is sliding through the first major support level of $0.23 to a low $0.21. Thus the short-term bullish trend has been reversed.
Ben Prior, an altcoin investor from York says:
“The prices are expected to fall below $0.20 and it might go down to $0.18 today or tomorrow. The currency pair is in a downtrend over the past 7 days with the price dropping by 6.92%. My personal advice is you start buying only when the coin hits $0.256 mark.”
Charles Craig, an altcoin enthusiast says:
“Despite of the current bullish trend, there are chances for a reversal once it hits bottom which is at $0.10 and it may moon and can even cross $1 mark. My personal advice is to HODL till then and hope for a long position.”
To conclude, 75% of NEM respondents are bearish of the token’s future market and they feel that it will be pushed down further as the market capital might go down. Another 25% were bullish about the coin based on the predictions made earlier this week about the coin’s potential.
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