The cryptocurrency market capitalization is coming down and the Bitcoin [BTC] dominance is going up. The tax deadline is right around the corner and is on April 15. The market capitalization had dropped below $250 on April 01 and it crossed the $300 mark on April 12 when Bitcoin had the biggest one-hour trade volume in its history.
Some analysts say this kind of a hike requires millions of dollars’ worth of buying which is only possible by a financial giant. The exact reason for this hike is however unknown till now. There are only speculations regarding this matter and this boosted the sentiments across the major altcoins.
Our sentiment analysis segment provides you with crypto-related sentiments of people from around the world about the market trends. The analysis includes expert opinions from people and their responses on the various coins.
This segment is carefully structured after interviewing a group of investors, miners, skeptics, analysts, influencers, and their valuable comments are recorded as it is. This analysis is focused on Stellar’s Lumens [XLM] which is currently ranked at the 8th spot.
At 3:35 PM UTC Stellar Lumens was seen to be trading at $0.247 with a market capitalization of $4.588 billion. The coin dropped by 5.28% in the last 24 hours costing it a market capitalization of over $230 million. The coin dropped to an intraday low of $0.241 on Friday at 10:44 PM UTC. The short-term bull target is at $0.30.
The support for the coin is at $0.24 and if this support is broken the coin is expected to go down further. This point is crucial because the coin can still go both ways, either picking up an uptrend or to go down further.
Derrick Anderson, a Stellar investor from Queensland says:
“Right now the coin is having a selling pressure with the RSI almost nearing to an overbought situation. The MACD indicators are moving towards a crossover which means that at that point a change in the trend can happen. Im not very sure about Stellar as of now. The support should hold the coin intact.”
Tom Cooper, an altcoin miner Perth says:
“The coin is now trading in the buy zone and if it goes on an uptrend the price will be at $0.35. The immediate sell target is at $0.26 and the next one is at $0.38. If the coin breaks the resistance at this level, it may go up even further. Stellar Lumens seem to be a much undervalued coin since a long time now.”
David Gray, a Stellar respondent Alabama says:
“XLM had been increasing since three weeks but now the community has turned bearish. But I personally feel that for Stellar HODL is the best. I hope that this bearish signal is just an FUD and that the coin will grow despite this. Stellar is going to be the next Ripple, infact more than Ripple.”
To conclude, 62% of Stellar respondents are of the opinion that the coin had shown great potential in the recent times but it has died out. Nonetheless, they expressed a desire to wait for an uptrend to kick in and feel that a big bullish action is overdue. Another 38% of the Stellar respondents are bearish and they feel that the coin is going to drop down further.