Most coins among the top 15 in the CoinMarketCap are showing bearish signs. This trend had set in since the middle of last week. The investors are wary about a shift in the regulatory landscape. Bitcoin and Ripple are struggling to find a foothold in the market since last week.
A group of investors, miners, journalists, skeptics, and influencers were interviewed to understand current market emotions in the community. Experts from all around the world, whom we have interviewed, are of the opinion that this bearish trend will continue and will only wear out at the end of this week. This segment will provide you with a sentiment analysis of three main coins in the market viz. Ripple [XRP], Litecoin [LTC] and Monero [XMR].
With a 4.23% dip in the last 24 hours, the token is expected to fall, to the least, by 50%. Currently ranked at the number 3 position, Ripple is priced at $0.608 with a market capital of $23.77 billion. It took a serious fall from $0.65 today at 01:49 (UTC + 5:30) to $0.61 at 15:09 hours costing it a market capital of about $2 billion.
As of now, there is a bearish trend line forming with resistance near $0.65 and it has to be above the $0.61 and $0.60 support levels to be in a bullish zone.
Michelle Foster, an economics student from Pittsburgh says:
“There will be constant selling pressure below $0.70 and people won’t be able to HODL for long. Only if XRP holds on to the support levels, it can avoid further decline in its price. Keep your fingers crossed.”
Justin Walter, a miner from San Francisco says:
“This bearish trend has resulted in a very strong selling of XRP over the last 24 hours. If prices go further down then XRP might lose it way I’m afraid. Despite the fact that XRP’s transactions rates are high, almost touching the 50,000 mark, there is nothing more to it.”
To conclude, the forecast as of now remains bearish with 55% of the Ripple respondents saying that Ripple is on the slide and sadly will not be able to recover from this anytime soon. But another 45% gave bullish responses due to the news about Ripple’s transaction rates surpassing that of Visa’s.
Although Litecoin [LTC] seemed to have some kind of stability today, statistics show that the prices have been declining heavily. A serious dip from $157 to $154 within a matter of 15 minutes took place today at the time of writing. The coin stands at number 5 in the rankings at a price of $147 with a market capital of $8.2 billion.
Since an all-time high of $366 in December last year, it has never been able to reach there again yet. Litecoin gained about 4.01% for the week and dropped by 4.35% within the last 24 hours. Litecoin is in need of some improved sentiment across the markets, as Litecoin’s bearish trend remains unchanged till now.
Dylan McKay, an altcoin expert currently staying in Berlin says:
“If the prices go below $129, then LTC will plummet into the danger zone which is between $50 and $70. So we might have to brace ourselves for the worst. Since last month it has only declined which leaves its position bearish.”
Neha Narula, a Litecoin investor from Dehradun says:
“LTC is currently in the selling zone. Transactions are happening like crazy now. The prices are leaning towards a bearish trend and it is fluctuating heavily since morning. The sellers are on it like shit on Velcro!”
To conclude, Litecoin appears to be struggling at the present moment trying desperately regain the intraday high. A 40% of Litecoin respondents feel that once the price crosses $165, it will retest the $175 level. This bullish opinion is opposed by another 60% who feel that LTC will not cross $150 mark in the near future.
For the last one week, Monero had been priced above $200 mark but now the tables have turned. It has dropped to $194 which is similar to the drop seen on March 18th to up to $175. Currently, at the number 12 spot, Monero has a market capital of $3.09 billion. With a 6.18% dip in prices within the last 24 hours, Monero exhibits bearish signs.
Markus Haven, a finance reporter from Amsterdam says:
“Now that the prices have declined, it shows a strong selling trend. With this ongoing trend, the resistance is stubborn at $220 and the support holding for now is around $170. If this trend line remains, futher selling pressure will be faced by Monero.”
Stephen McClain, a student at MIT says:
“I knew the price would fall below the $200 mark and it will go down further. For the first time I feel that my predictions should not come true. It is showing a bearish trend. WTF now all hope is lost. Bad luck for all of us.”
To conclude, the community is under the same fear that it faced one week ago when the prices dropped to $175. Up to 75% of Monero respondents feel that there is not enough momentum to support a rise in the price. A minor 25% are still holding on to the glory of Monero, forming their opinions from the statistics earlier this month.