IOTA and Monero are currently the only two cryptocurrencies in the top 10 list that have demonstrated positive growth in the last 24 hours. Bitcoin Cash, Ethereum Classic and Litecoin have depreciated the most, all three losing over 23% of their value over the last seven days. The cryptocurrency market nosedived after reaching its all-time of $178 billion on September 2nd and keeps falling ever since.
While the general cryptocurrency market is in the decline, two coins demonstrate limited, yet noticeable short-term growth, which is, nonetheless, not enough to call IOTA and Monero the lucky outliers. When a 7-day period is considered, both cryptocurrencies have lost a considerable portion of their value, just like the cryptocurrency market in general.
These two assets have a chance to avoid the fate of their bigger counterparts, appreciating amid what certain experts call the downfall of the cryptocurrency. IOTA and Monero, however, grow in a different manner. Judging by the price action, Monero has more chances of getting back on track than IOTA. The negative slope of the trend line is greater for IOTA, which means Monero is depreciating at a slower rate.
IOTA was traded at only $0.26 in the middle of July. The coin, however, has reached $1.10 by August 18th and was depreciating ever since. It can be noticed that a resistance line, that follows the negative trend, can be applied to the price chart. It indicates that IOTA price action was getting close but never in fact managed to break through the resistance, descending to the pre-surge level. IOTA is currently traded at around $0.48, which is almost x2 better than two month ago. The current trend, though, is less encouraging for IOTA holders. In the medium run the coin can be expected to go south. The negative trend is believed to dominate the graph until the price action breaks through the resistance level.
In the middle of August Monero was traded at $47, soaring to $114 in a matter of only 11 days. The cryptocurrency made a huge leap forward on rumors it will soon be traded on Bithumb Exchange. The coin, however, has lost $53 or 34% since August 28th.
There is one detail that sets Monero aside from the rest of the top ten cryptocurrencies and IOTA, as well. In the last seven days it has lost 3%, less than any other cryptocurrency in the top-15 list. Monero has already tested the resistance level that acts as a negative trend line. Though back in the red, it can potentially break through and recover the growth pattern after a period of disruption.Start trading now