The market has been ill for the past seven days now and it was reflected in the prices of cryptocurrencies. The cryptocurrency industry’s total market capital had reached $832 billion in January whereas the market capital at press time stands at $268 billion. Bitcoin, the leader, dropped from high $8995 almost going back to the $9000 mark to $6000 range. Its value has dropped over $114.9 billion in the past three months. Currently, Bitcoin is struggling to remain above the $7000 mark and is now priced at $7143.
Based on the opinions of a group of investors, miners, journalists, skeptics, and influencers, we present this segment called sentiment analysis which tells you about the market sentiments amongst people all around the world. This analysis deals with three coins in the top 15 list which are Ethereum [ETH], Stellar Lumens [XLM] and TRON [TRX].
Ethereum’s prices failed to stay above $400 mark as it dropped down to $370 yesterday. The prices have been wavery today as well as it went up and reached an intraday high of $418 and then it fell again below $400. As of press time, Ethereum has a price of $405.70 and a market capital of $39.972 billion. There has been a 3.49% rise in the prices taking into account the last 24 hours. Right now it is experiencing selling pressure.
Robert McClain, a miner from Dallas says:
“Ethereum has to stay above $400 to avoid the bears. It has got an upside momentum weakening approach to strong resistance. If this is cleared the recovery may be extended towards $420 and $440.”
Peter Richardson, an Ethereum investor currently living in Santiago says:
“I’m looking to sell ETH when it hits the $540 mark and I’ve had enough of this bearish trend. It had some stability at $850 mark but now all is gone and that looks like a long road ahead. Till then I’m on for a HODL.”
To conclude, 55% of Ethereum respondents feel that the bulls have failed to pull the coin up since 5th of March and has resulted in major selling pressure for the coin. But 45% of the respondents feel that Ethereum has established its mark in the cryptocurrency market way beyond the danger zones.
Stellar Lumens [XLM]
Stellar looks good on today’s charts with a 14.39% hike in the price since this time yesterday. With a market capital of $4.015 billion, it has a price of $0.216 at press time. A bullish trend is expected for the coin which may take it to $3.41 which is the expected peak.
Allan Jones, a Technical Analyst from Yorkshire says:
“In mid-April it will go up till $0.76 and from there a steady increase is expected. When BTC recovers in mid-April, Stellar will be the strongest coin. Right now there is a selling pressure on XLM which has been there for one week now.”
Judy Burton, a market analyst for Los Angeles says:
“The previous support level was $0.20 and it is currently trying to take support on the downtrend line. If this support breaks it can go deeper into the $0.16 and $0.17 levels. We need to wait for the price to turn up before putting any long position on it.”
To conclude, a bearish 45% of XLM respondents feel that XLM will not follow the wave pattern and will fall down drastically. Whereas a bullish 55% feel that the trend will be followed by XLM and by June this year, it will be up and above the $3 mark.
TRON was up on cloud nine as it had moved up to the 10th spot in the rankings. However, their joy was short-lived as TRON has moved down to number 13 spot again. It is currently priced at $0.036 with a market capital of $2.413 billion. From an intraday high of $0.042 it plummeted to an intraday low of 0.036 costing it a market capital of around $500 million. The double bottom hit by TRON $0.038 reveals its strong support on the mark.
Eric Jones, a miner form Seatfromsays:
“Even with the testnet gone live online, TRON seems to be decaying. A bull run was expected previously but it is the bears that have caught hold of TRON now. The expectations were high on TRON with Justin Sun hyping it up on social media but they have failed dramatically.”
Arabella Markus, a Financial Advisor form Jordaan says:
“The TRX token had doubled over the past two weeks and I can’t understand what the hell has gone wrong. I’ve seen volatility before but this is too much to happen within one or two days and god forbid it may plunge even further.”
To conclude 49% TRX respondents still believe that with the testnet launch TRON will gain upside momentum. But another 51% of the respondents feel that TRON’s potential might be dead and it will not rise up from its grave.