The cryptocurrency market seems to be flourishing with almost all the tokens gaining traction. Although the prices have not recovered to its former glory yet, the statistics for the last 24 hours look in the favor of the cryptocurrencies. The crypto market capital, as of press time, is $263 billion which is very low considering the fact that it almost neared to a trillion. The current Bitcoin dominance is 45.3%. The coin market currently has 1596 cryptocurrencies with 9922 markets up and running.
Our Sentiment Analysis segment is carefully framed by interviewing a group of investors, miners, journalists, skeptics, and influencers and gives the worldwide sentiments and analysis on different coins. This segment includes the sentiments on three coins in the top 15 list viz. Ripple [XRP], Litecoin [LTC] and Monero [XMR].
Ripple [XRP]
Currently ranked at the number 3 spot, Ripple is priced at $0.500 with a market capital of $19.551 billion. Ripple was priced at $3.81 on the 4th of January this year and since then, the prices have only declined. This stage where it peaked is described as the stage of euphoria in the emotional journey of XRP. According to this sentiment, XRP is currently under a depression stage. Ripple’s prices declined by 3.95% to $0.48 on Sunday, following Saturday’s 0.44% gain.
Glen Henry, a cryptocurrency analyst from Brisbane says:
“At the moment, the price range stands between $0.48 – $0.50. The cryptocurrency has been in a drowntrend over the past 7 days and the price has decreased by 22%. If this trend continues, then the target will be $0.42. The price should break through the trend line to grow stronger and hit $0.78.”
Judy Foster, an investor from Nashville says:
“I’m not too sure where XRP is heading to but I’m looking at two options and will trade depending on how it behaves once it breaks out of the triangle.”
To conclude 57% of Ripple respondents feel the bear pull on XRP and believe that it is going through a tough time. Another 43% feel that the trend will turn bullish and that there will be enough market capital for it to sustain its dominance in the market.
Litecoin [LTC]
It has been a bearish market for Litecoin, but fortunately, it has not dropped below the $100 mark since December last year. Litecoin is at the number 5 spot with a price of $118.71 and a market capital of $6.636 billion at the time of writing. Analysts say that the short-term LTC picture looks promising, but a break above $120 is needed. LTC is rising towards $120 but as of now, it is not clear whether the momentum is enough for a sustained break.
Lara Craig, a miner from Chicago says:
“LTC is expected to fall below $100 on the 21st of this month and may go even down to $89. At that point it may go up to $104 and gain some traction to reach $143 or hit the rock bottom. It has been consolidating around the $110 support level in the last few days.”
Amit Patel, a Financial Advisor from Ludhiana says:
“The support level is holding the price up as of now and there should be a break of the descending trendline before turning bullish. There is a possibility that the trendline acts as resistance and if price continues to fall down, the next support level is around $90.”
To conclude, 67% of Litecoin respondents feel that for the bullish trend to kick in it has to be above $120 other LTC will continue its downhill journey. However, 33% of LTC respondents are happy with the short-term picture of token which shows a bullish trend.
Monero [XMR]
Despite the fall from $200.99 on March 28th this year, Monero seems to be showing some stability as of now. It is priced at $178.67 with a market capital of $2.839 billion, at press time. It is dubbed as the 11th coin in the cryptocurrency market and has gained 6.43% over the last 24 hours. Monero is expected to have a system update on 6th of April. It dipped to a $162 low on 30th of March, but since then Monero has recovered proficiently.
John Denver, a market expert from Houston says:
“Monero is experiencing a selling pressure and it has been like that for over a month now. The coin is on the downtrend now and I think the bottom would be $145. We have to wait for the buy signal which could be in two days time.”
Mark Oliver, an Economics student from Kansas says:
“All shops and countries now expect from Monero and other cryptocurrencies. The banks will no longer wish to manage the flow/control of money and the governments and the Rothschild are ok with that. LOL”
To conclude, a 55% of the Monero respondents feel that the bearish trend will continue and the coin might drop below $50 soon. Another 45% of the Monero respondents feel that it might go down till $144 but then there will be a steady rise to $440.