Last weekend was a pretty dull weekend of exchange for the cryptocurrency market with a majority of coins recording depreciating prices across the crypto-board. Following the dismal performances that were experienced throughout the weekend by digital assets, the entire crypto market has depreciated by around 1.8 percent to stand at about $211 billion according to CoinMarketCap currently.
The Dismal Performance of Crypto Market
For the past few days, the crypto market has been experiencing a shortage of crypto news that is generally used to guide prices forcing investors and merchants to rely more on technical analysis.
And with many digital assets trading close to their resistance levels, the prices of these assets have been coming under pressure as the number of people selling them is exceeding those who are willing to buy them.
While that was the scenario for the two leading cryptocurrencies, Bitcoin and Ethereum, Stellar Lumens and Cardano (ADA) have been showing dissimilar trends. The two altcoins have been bullish defying the recent market declines that have been bedeviling the crypto market by surging upwards over the last few weeks.
— Umesh Khade (@UmeshKhade11) November 13, 2018
The two altcoins have been so defiant on the recent market declines to the extent of Stellar (XLM) appreciating so much that it has now joined the list of the top five cryptocurrencies in the world at the expense of EOS. Stellar (XLM) has appreciated by over 23% since this time last month following the news breakout that it was being considered as a possible addition to the leading crypto exchange, Coinbase, along with Cardano (ADA).
From the look of things, it appears that merchants are investing in Stellar and Cardano with the hope that the two altcoins are going to be added to the Coinbase exchange, an action that is sure to drive the demand and prices of the digital assets in question. However, for now, here is how the two cryptocurrencies and others have been performing for the past seven days.
Stellar Lumen (XLM) Technical Analysis
From the look of the things, there is no doubt that Stellar Lumen has been having a great run leading the pack of most improved cryptocurrencies with an over 8% gain in the last seven days.
On Monday, Stellar (XLM) even overtook XRP which managed to surge by 10.71 percent to currently trading at $0.265 with a market cap of about 5.1 billion US dollars.
From the 1-day chart, Stellar Lumen’s downward trend is fluctuating between 0.27 US dollars and 0.26 US dollars and its upward trend is hovering between 0.28 US dollars and 0.29 US dollars.
According to our observations, the resistance level that was formed in September is yet to be broken with the trend lines creating an ascending triangle that indicates a further price surge in the coming days.
Cardano (ADA) Technical Analysis
On Sunday, Cardano (ADA) appreciated by 1.99 percent following an almost similar price hike of 1.14 percent on Saturday. The weekend gain played a crucial role in changing the tides of the cryptocurrency since it assisted it in reversing the losses that had been experienced earlier in the week to leave the altcoin at 0.077 US dollars.
On Sunday, Cardano (ADA) experienced an intraday low of 0.7422 US dollars following an early afternoon sell-off that forced the cryptocurrency to call on support at its first major support level at 0.0748 US dollars. It was followed by a broad-based market rally that was experienced in the afternoon driving Cardano’s (ADA) prices back to the 0.077 US dollars levels by the end of the day.
At the time of writing, Cardano is the 8th largest cryptocurrency in the market with a market cap of about 1.94 billion US dollars.
As per the last 24 hours price charts, both Stellar and Cardano stand in red as we write this article but are expected to be trading in green shortly again.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Ollis-Picture/PixaBay
Is Ethereum Still Searching For Its Bottom?
The crypto space has mostly been seeing drops in value during the last 30 days, and it was clear that the bear market of 2018 still has enough energy to cause further damage in this year as well. Most coins occasionally felt a slight growth, although it was not big enough to spark a real rally and shake off the bears.
When it comes to Ethereum, the coin has been dropping continuously since January 10th. ETH experienced high volatility ever since it broke down a $180 support on November 14th, 2018. A small rally starting on December 15th started taking ETH back up, although the highest it managed to reach since then was $159.58 on January 6th, 2019. Since then, the coin’s price entered another free fall, although it never dropped below $100 since then.
The coin seemingly found some stability in the final days of January, when it was trading at around $119, although another drop followed in the first days of February, and Ethereum nearly dropped to $100 on February 6th.
However, February 8th brought a new surge which affected the entire crypto market, bringing the coin’s price back to $144.15, which is its price according to TradingView at the time of writing. The new surge exceeded 11% in the…
Last Week’s Top 3 Most Significant Crypto Events
The crypto space never sleeps, and there is always something going on. Every day, there is some interesting event worth mentioning, some of which may even have significant consequences on the entire crypto space. With that in mind, here are the top three crypto events related to the crypto space that occurred in the previous week, and which may have impacted the world of digital currencies in one way or another.
1) A crypto Whale moves a large portion of XRP
Many have probably already heard the term “Crypto Whale,” as it is quite common to find discussions mentioning them and their activities. The term is a name used for coin holders which tend to buy, sell, or move massive amounts of digital currencies. These are usually professional investors with large funding who can impact the crypto market in any way they please, and make the prices rise or fall depending on their calculated business decisions.
They are called Whales because of the large amounts they move, which usually have a pretty big impact on the market. And, since they are so influential, there are many in the crypto space that have made it their mission to follow the activities of known Whales, and base their business decisions regarding the Whales’ movement.
One example is the Twitter account known as Whale Alert, which has around 50,000 followers. This…
TRON Ecosystem New Addition — CryptoDungeons
According to the recent Medium post published by TRON Arcade, a blockchain-based RPG called CryptoDungeons is to become the latest hit on the TRON blockchain.
— TRON Arcade (@TRONArcade) February 9, 2019
The announcement was published on February 8th, and it states that the CryptoDungeons TRON game is still in development. However, the team is preparing to announce a presale soon, meaning that the official launch is not far away.
CryptoDungeons was originally developed to be a part of Ethereum’s network. However, the team has decided to bring it to TRON instead. Soon enough, the fans of the game will be able to experience its story, universe, and characters on TRON blockchain.
The game is centered around Heroes who can be bought and used for exploring dungeons, crafting various items, gathering food, and alike. The game also offers five races for players to choose from — Humans, Elves Dwarves, Orcs, and Angels. Additionally, there will also be four classes, including Warriors, Mages, Rogues, and Priests. Each class will have its own unique abilities, with the Warrior class being presented as an example. The abilities that this class features include Strike, Heavy Strike, Shield Wall, Shield Slam,…
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