After yesterday’s green signals, the cryptocurrency market has gone back into the reddish zone since the last 24 hours. Nevertheless, the last one hour’s statistics look green for almost all the coins in the top 20 list. The market is currently trading with an overall capital of $266.565 billion which has not considerably increased for the past couple of days. Some new cryptocurrencies and markets were added as the former amounts to 1600 and the latter is 10007. The Bitcoin dominance today is 45.4% which has not changed much from yesterday’s 45.3%.
After an in-depth discussion and interview conducted with a group of investors, miners, journalists, skeptics, and influencers, we bring to you a thorough sentiment analysis of the current market trends. This analysis will give sentiments on three coins which are among the top 20 in rankings. They are: Litecoin [LTC], IOTA [MIOTA] and VeChain [VEN].
Currently ranked at number 5, Litecoin is one of the major coins to have a reasonable price and a healthy market capital. At press time, the price of Litecoin is $122.31 with a market capital of $6.840 billion. The coin faced a loss of 2.29% in its prices against the US dollar in the last 24 hours. The momentum gained by the coin yesterday was short lived as it is back in the $120 range. Analysts say that it has to stay above the $120 mark for a bullish breakout. Litecoin seems to be heading towards the $115 swing low.
Lara Neilson, a cryptocurrency expert from Miami says:
“LTC was close to breakdown, but it seems as though the market wants to trap some more bulls before the breakdown. I have no interest in buying it looking at its present trend. Instead I’m taking this as an opportunity to sell it off. The price rallied hard after the bear flag breakdown moving up till $136.20.”
Fredrick Clark, an altcoin miner from Seattle says:
“The trend now shows a clear bull trap and a death cross is formed at $135 and this means that it will go down soon. Some people will invest a lot of money so that the prices go up, and then, people who invest to get some profit will pump it even more. The former will take their money back after getting some earnings and the latter will HODL.”
To conclude, 51% of the Litecoin respondents feel that the market is bearish not just for Litecoin but also for other coins as well and they feel that they can put their faith in it. However, another 49% of the Litecoin respondents feel that it has to stay above the $125 mark for sustainable growth.
IOTA which was trading above the $1 mark has now dropped to $0.993. Its market capital is $2.760 billion and it has dropped 7.74% in last 24 hours. It has broken the previous support level at $1 and the bears have taken over. IOTA went below $1 mark on the 1st of April but was quick to recover. It has to stay above the $1 mark to attract some bulls. It is the 10th most crucial cryptocurrency in the market taking its market capital into account.
Henrik Caraway, a member of the American Economic Association says:
“IOTA, while all the other tokens are trying to recover, is struggling continuously. IOTA could not gain enough traction to raise its price despite of having E-Krona headline news. The support now forms below $1 mark and is struggling to break this downtrend.”
Nick Daniels, an altcoin investor from Cape Town says:
“Look to buy IOTA at $1, the prices are expected to go down further. But this will serve you good on a long term basis. It is under selling pressure and people are not looking to HODL. The future of IOTA looks bearish as of now but we have seen the token rise from its grave before so my personal advice is that you hold on to your coins.”
To conclude, 60% of the IOTA respondents felt that the bears have been pulling the coin down for a long time and that is the reason why it cannot move beyond a certain stage and get into the bullish zone. Another 40% of IOTA respondents feel that if it manages to stay above the $1 mark, it will not have a serious breakdown.
VeChain, however, looks stronger compared to its peers and currently it is traded on Lbank, Binance, and Huobi. The token is priced at $2.44 with a market capital of $1.280 billion at the time of writing. Currently ranked at number 18, the coin dropped by 14.54% in the last 24 hours. Despite the fall, it has managed to stay above the $2 mark. It peaked at a swing high of $3.11 at 11 hours 29 minutes IST yesterday.
Walt Brendon, a cryptocurrency enthusiast from Denmark says:
“There was a bearish trend which set in on the 1st of April but despite of the bears and the predictions, the token remained above the $2 mark. As long as it remains above this support, there is nothing to worry about.”
Christie John, a Financial Adviser from Auckland says:
“At this moment nothing can be said about VEN as it is searching for new support levels. The price may go down below the $2 mark which was a major support level for the token. Compared to the statistics two days ago, VEN is following a wave pattern which was up four days ago, then down two days ago, up again for the last two days and now it is going down.”
To conclude, 57% of the VEN respondents feel bearish as there is no exponential growth seen for the token. Another 43% feel that token will hold up a bullflag in the near future if investors continue to hold.