A bearish trend has set in the crypto market as the prices are falling drastically. All the top 20 coins except TRON has experienced a serious dip in the prices in the past 24 hours. The market is not gaining enough momentum for one week. TRON, however, moved into the top 10 list as predicted by Justin Sun, the Founder of TRON Foundation yesterday.
Our Sentiment Analysis segment includes a group of investors, miners, journalists, skeptics, and influencers who were interviewed to understand the current market sentiments amongst people in the community. This analysis deals with three coins in the top 10 list viz. Ethereum [ETH], Litecoin [LTC] and Cardano [ADA].
Ethereum, ranked at number two, is the biggest name in cryptocurrency after the giant Bitcoin [BTC]. Priced at $404.04, its market capital is $40.537 billion as seen at press time. Ethereum flourished about one year ago when its prices started rising. However, ETH is under a lot of pressure at the present moment as it is struggling to find a foothold. The bearish trend for Ethereum started in January this year right after it hit an all-time high of $1377. From there, it experienced a decline of 155% dropping down to $403 today, which is the lowest value reached so far this year.
Mark Larson, a Technical Analyst from Edinburgh says:
“For those of you who thought this is ‘the end of ETHER’, I can only say we have seen such trends before and the prices going up immediately after that. This is complete FUD. The percentage of decrease in January was more than this and there is still chance for exponential growth.”
Aayush Aryan, an investor form Gurgaon says:
“Guys my strong advice is to HODL or buy and I recommend that you stop selling. Just allow the market to balance out. If you sell now, the prices will decline further.”
To conclude, 75% of Ethereum respondents feel bearish and are of opinion that the prices will lose more momentum soon. But a minor 25% feel that this is all part of the game and if they HODL for long enough, ETH will regain traction.
Litecoin also has only bearish signs to show as its price has fallen by 10.88% within the last 24 hours as seen at press time. Currently standing at number 5 spot in the rankings, the coin is priced at $119.51, with a market capital of $6.6 billion. It is currently experiencing a selling pressure and the prices are pushing towards extreme low. It peaked in December last year when it hit $366 mark which is recorded as the all-time high. It hit an intraday low of $117 which is the lowest since the start of this year. This bearish trend line was established in February and it is reasonable to expect the bearish momentum to continue.
Fredrick Wilson, a miner from Pennsylvania says:
“Situations like this are buying opportunities if you are building inventory and not using margin and most importantly you must not get sucked into the hype. There are no signs of reversal so the prices will go lower.”
Oliver Smith, a Financial Adviser from Sydney says:
“The double bottom is at $106.52 and that’s the safest place to go long assuming that we will see a double bottom bounce and personally I have no interest in going long, not until that happens.”
To conclude, LTC is near a bottom and predictions could always go wrong at this time. 63% of Litecoin respondents feel that this bearish trend will not end soon and that the community is up for a long haul. But another 37% feel that they have to HODL and save the coin from dropping down further.
Cardano is also following the same pattern as the previous two coins. With a bearish trend, the coin stands at the number 7 spot and is priced at $0.150. The market capital, at press time, is $3.9 billion and it experienced a dip of 5.17% in the last 24 hours. Till mid-day today it was holding on to the $0.15 mark but it gave it away at 15:00 hours IST.
Martin Welsh, a Technical Analyst from Pittsburgh says:
“In my opinion, buying below $0.14 is reasonable. Despite of the bears in the market, Cardano has got a lot of potential. Once it gets to $1 mark, we can see some stability. Remember guys, it has got a reasonable market capital which should not be forgotten.”
Ben Fincher, a cryptocurrency expert from Belfast says:
“Prices today opened at $0.1583 and now it has dropped. There was a bullish trend just three days ago when the sellers were squeezed. I honestly hope that it goes above the $0.16 mark which would give some light in this darkness.”
To conclude, a strong 68% of the ADA respondents feel that the bears will rip the market for Cardano down. Another 32% of them feel bullish because of the big name it has in the market and they say that it will gain traction by tomorrow.