Almost all the major coins hit a double bottom in the last month and all the tokens are struggling to wake up from their deep slumber. The cryptocurrencies have not yet gotten out of the reddish zone and the bearish market still goes on. The investors all around the world have become desperate and are hoping for a relief. The market’s total capital has come down to $248.260 billion which is a matter that is perturbing the cryptocurrency enthusiasts all around the world. Most of the top coins currently show no significant price movements as of now.
The aim and objective of our sentiment analysis is to bring to you worldwide sentiments about the market trends from every nook and corner of the world. This is done by interviewing a group of investors, miners, journalists, skeptics, and influencers and including their valuable opinions here in this segment. Today’s analysis is on three of the biggest names in the cryptocurrency world which are in the top 15 list and are: Ripple [XRP], Cardano [ADA] and IOTA [MIOTA].
Ripple, at 2:20 PM UTC, was trading at a price of $0.471 with a market capital of $18.421 billion. It has incurred a loss of 4.00% in its price in the last 24 hours. Since April 4th this year, when it peaked at $0.561, the bears have pulled down the coin hard and the investors are hoping for a reversal. Even though the cryptocurrency manages to hold the $0.47 support against the US dollars, the market for the coin still looks bearish. The recovery level for the coin is $0.50 which has not been reached by the coin after it fell from that level.
Derrick Walberg, an altcoin reporter from Adelaide says:
“Sadly for Ripple, the bearish market continues. There is a selling pressure on Ripple right now and the analysts say that it can explode at any moment.”
Ouyang Zhao, an altcoin investor from Hong Kong says:
“A massive sell continuation pattern has been created along with a 12 hour death cross formation. XRP tried to break through a few days ago, but the bulls failed to keep it over and above and thus it failed to change its trend so far. XRP seems to be a crashing coin trapped inside a crashing market.”
To conclude, 64% of Ripple respondents feel that the coin will fall because of the death cross formation and it will go down to the lowest levels. While another 36% of Ripple respondents feel that once the coin gets listed in the major exchanges like Coinbase, the chances for XRP’s bull run are high.
Cardano, the 7th most popular coin, at 3:05 PM UTC, was trading at $0.144 with a market capital of $3.748 billion. The coin has been showing redundant patterns for one week with no major changes with regards to both hikes and dips in the prices. The prices have failed to move higher with a support at $0.14 against the US dollars. There is a short-term bearish trend line which has been formed near the resistance level.
Mel Anderson, an altcoin miner from Perth says:
“There was an expected bullish trend for ADA but it seems like the bulls did not take it. It was a bull trap and we all fell for it. The support at $0.14 might soon be broken and the coin will fall down further. The bears might take it far down that it might even hit the rock bottom. From there a reversal can be expected. Till then we have to wait.”
Angela Nelson, a cryptocurrency expert from Nashville says:
“ADA broke a few important support levels such as $0.1600 and $0.1500 and during the slide it even broke the $0.1450 support and even settled below the 100 hourly simple moving average. These all are negative signs and points more declines below $0.1500.”
To conclude 55% of the ADA respondents have realised the bull trap and are now relying on the coins present support levels. Another 45% of the ADA respondents feel bullish about the coin’s potential and that it will be back on track soon.
The coin is plummeting down further as at 3:36 PM UTC. The coin trades at $0.935 with a market capital of $2.600 billion. The cryptocurrency is ranked at number 11 but the present status looks reddish for the coin. It has experienced a dip of 3.29% and it has broken the major support level which was at $1. It went to an intra-day low $0.930 around 5 hours ago and clearly, it has not been able to get back to the green zone.
James Connolly, a blockchain correspondent from Virginia says:
“The coin has to stay above the $1 mark to bounce back. Now it seems like it is highly unlikely. But we can’t run into a conclusions soon because we have seen such patterns before and big time reversals coming out of the blue. The token is presently under a selling pressure.”
Fredrick Dickinson, an investor from Portsmouth says:
“I’m going to sell the coin at $1.45 till then I have no other option but to HODL. This is the first time since I invested that I have had to HODL without any joyous feeling. The profoundness related to the cryptocurrency world is diminishing and god only knows what’s in store for us in future.”
To conclude, 77% of the IOTA respondents did not take the drop of the price below $1 very well and they are really disappointed. Another 33% are hoping that the coin will go back above $1 mark and onto a bullish breakout.