The cryptocurrency market is struggling like never before. Without the presence of any solid market boost, the coins are finding it very hard to regain their lost values. Moreover, the momentary bears have become another roadblock. The total market cap of the entire crypto is now $329 billion, while $11.7 billion worth of digital assets were traded in past 24 hours.
Stellar
Stellar has managed to scrap some gains in the stagnant market. The coin added around 5 percent on the daily chart, thus making a gain of 9.3 percent on the weekly. However, due to the stagnant nature of the market, the trading volume took a hit, as in the last 24 hours only $34 million worth of XLM was traded. The coin is still holding market cap of above $4.5 billion.
After gaining from $0.173 to $0.280 with a bullish rally, XLM’s upward push came to a halt. The peak resistance resulted in a classic pullback and in 48 hours, the coin went down from the peak to $0.222. After receiving some support there, it pivoted, but the formation of new resistance at $0.244 did not allow the coin to gain further.
Currently, with support at $0.229, XLM is testing the resistance over and over, but it could not find any luck yet.
Due to the presence of both resistance and support, the technical indicators are giving mixed signals. Stoch is soaring near the overbuying mark, while RSI, at 51 percent, is having a downward inclination. MACD, however, is running almost parallel to the baseline, hinting the possibility of stabilization.
DASH
Though introduced in 2014, DASH gained massive popularity in 2017, especially due to its privacy features. Since achieving the peak in December, DASH shed almost 1/4th of its value with the waves of the bear in the market. Currently, it is holding $3.2 billion in market cap and is trading around $410, after losing 1.7 percent of its value in the last 24 hours. However, on the weekly chart, it is still maintaining a gain of 8.7 percent over the week.
On the weekly chart, DASH maintained a zig-zag trajectory. It rallied from below $370 to touch $450 initially, but due to the peak resistance and the lack of any support, it had to take a downturn. Though the coin rebounded to go beyond $460, it quickly retracted from its upward trajectory again and dipped to $413 until it found a support. A newly formed resistance at $420 is acting as a massive barrier in the path of the coin, which even pushed it to below $410.
Though the technical indicators are running bearish, there are hints of recovery in some. Stoch is preparing to rebound after running below the overselling zone for sometime, while RSI has a downward inclination being at 41 percent. Due to the long dominance of the bear on the charts, 100 SMA is finding it very tough to go above 200 SMA.
Market Update
The most patent filings for Blockchain technology to the World Intellectual Property Organization (WIPO) in 2017 came from China. Data collected by Thomson Reuters from the international patent organization show that over half of the 406 patents in 2017 were from China: the country filed 225 Blockchain patents, followed by the US (91), and Australia (13).
The leading Japanese information and communication technology (ICT) firm Fujitsu recently announced the opening of its international Blockchain Innovation Center in Brussels, Belgium to explore the technology’s potential applications in all possible areas.
Nigerians have been warned by the Nigeria Deposit Insurance Corporation (NDIC) against the use of cryptocurrencies because the Central Bank of Nigeria (CBN) does not recognize them as a legitimate currency.
JPMorgan Chase is reportedly considering making Quorum, its Blockchain and smart contracts platform, into its own company.
Conclusion
The wild cryptocurrency market has become stagnant some time. Though the coins are trying to recover, the sudden appearance of bear is pulling them down. However, with external market boost, the market has the potential to rebound with force.
