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- It looks like the bears are here stay in the market as the majority of the coins faced price corrections on the second consecutive day of trading
- The overall market capitalization is at $361,379,552,804 with the 24-hour volume traded of $79,551,081,270
- The dominance of the crypto king remains at 58.50%
Will the Market Lose its Gained Momentum from the Start of the Month?
The overall cryptomarket is on the downside for the second consecutive day in which BTC is able to sustain above the major support level of $11200.00 and Ether has broken below the minor support level of $380.00. However, to hold the levels, Ether is still backed by the major support level of $370.00. The continued downfall is somehow harming the bullish levels gained by several altcoins in the market during which they were able to break major resistance levels which were halting their price recovery action. For example, Chainlink is now below its major resistance level of $11.00 and Monero lost its bullish momentum and now below the $130.00 mark. The sustainability of bitcoin over the major support level is only the major hope for the return of the bulls.
Stellar Lumens (XLM)
Stellar lumens were unable to break above the resistance level of $0.080 which has resulted in the ongoing negative momentum for the coin. The CMP is at $0.074025 with a loss of -2.65% bringing the market capitalization to $1,539,632,216 with the 24-hour volume traded of $116,675,573. The XLM/BTC pair is also facing negative momentum with a loss of -2.62% bringing the current level to 0.00000650 BTC. On the downside, the cryptoasset has a major support level of $0.070 which should prevent the bears to provide any further damage to the price levels.
Tezos(XTZ)
Tezos price levels also got reversals from the resistance level of $2.40 which have resulted in the ongoing downtrend for the coin. The CMP is at $2.32 with a loss of -2.85% bringing the market capitalization to $1,733,311,335 with the 24-hour volume traded of $169,276,499. The XTZ/BTC pair is also performing negative with a loss of -2.78% bringing the current level to 0.00020380 BTC. On the downside, the cryptoasset has got the major support level of $2.00. Being at the price level of $2.30, it has the ability to retest the resistance level of $2.40 with the help of a minor positive move only.
ICON (ICX)
ICON has become one of the top losing cryptoasset on Thursday’s market session by having a major downfall of -6.33%. ICX is unable to sustain above the price mark of $0.40 bringing the CMP to $0.38. The market capitalization is at $219,402,015 with a 24-hour volume traded of $13,417,286. The downtrend was introduced to the coin when it tested the resistance level of $0.43 during its bullish moe. The ICX/BTC is also on significant negative momentum with a loss of -6.23% bringing the current level to 0.0003381.
IOTA(MIOTA)
Just after reclaiming the crucial price mark of $0.30, IOTA faced heavy profit booking activity among the investors. Therefore, the cryptoasset was unable to sustain above the price level of $0.30 and currently facing negative momentum which has resulted in the loss of -1.08% on Thursday’s market session. The CMP is at $0.28 with a market capitalization of $794,303,708 and the 24-hour volume traded of $8,570,764. The MIOTA/BTC pair is facing a marginal loss of -0.66% bringing the current level to 0.0002501 BTC. The positive part of the downfall is that the digital asset has been able to sustain above the minor support level of $0.280.
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Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
