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Analysis

XRP, Stellar Lumens [XLM], Tron [TRX] fall by over 5% in two hours as market plummets

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XRP, Stellar Lumens [XLM], TRON [TRX] decline by over 5% in the hours as market plummets
Source: Pixabay

As Bitcoin [BTC] ascended briefly over the $8,000 mark and the market breached the $250 billion market cap, a dreaded correction wave ensued. Days after surmounting huge peaks on the back of BTC’s push, several coins saw massive price drops, including XRP, and Stellar Lumens [XLM] and TRON [TRX].

XRP

Source: Trading View

For the first time in 2019, XRP mounted a positive candlestick against BTC, and was at press time, trading in the green on a 24-hour basis owing to Coinbase bulls. However, on closer speculation, the coin was dropping. After rising to $0.47 at 0300 UTC earlier today, the price saw a massive freefall, dropping to $0.44, a 6.41 percent decline in a matter of 3 hours. Since then, the price has edged up to $0.448.

Over the period, the market cap of the third largest cryptocurrency fell by over $1.5 billion and was $18.76 billion, at press time.

Stellar Lumens [XLM]

Source: Trading View

Joining XRP as the second highest gainer on May 15, the correction bears struck XLM markets yet again. After reaching a peak at $0.157, XLM saw a massive drop of 11.64 percent over the same 3-hour period, dropping to $0.139. Since then, the price has looked to return upwards. However, the coin was halted at $0.145, acting as resistance.

The market cap of Stellar Lumens dropped by over $300 million. It was $2.75 billion, at press time.



TRON [TRX]

Source: Trading View

The DApp heavy network saw its cryptocurrency become one of the biggest short-term losers, as the market correction began. TRX initially reached as high as $0.033, posting an over 7 percent incline against the US Dollar over a 24-hour period. However, the price then fell by over 9 percent in the hour, dropping to $0.0301. Resistance formed at $0.0311, as TRX’s resurgence was halted.

The market cap of the coin fell by over $200 million and was, at press time, $2.05 billion.





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Analysis

Bitcoin[BTC] and Litecoin[LTC] Price Analysis: King coin to recover from fall, LTC could follow suit

Rishi Raj

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Bitcoin[BTC] and Litecoin[LTC] Price Analysis: King coin recovers from the fall, LTC follows the suit
Source: Pixabay

Following a massive sell order on BitStamp exchange on 16 May 2019, Bitcoin saw a drastic fall to a low of $6,192. The king coin regained its momentum from the fall and was priced at $7,419, with a market cap of $131 billion. The 24-hour trade volume came up to $27 billion, out of which BitMex contributed 12.70% via the XBT/USD pair.

Litecoin, the silver to Bitcoin’s gold, was priced at $88.72 with a market cap of $5.48 billion. The 24-hour trade volume came up to  $4.8 billion, out of which, Coineal contributed 10.56% via LTC/BTC pair.

1-Day BTC

Source: TradingView

The one-day chart of BTC showed an uptrend from $4272.43 to $8107.83. The support points were seen at $3,159.65 and 5,004.95 and resistance was at $8206.27

The Relative Strength Index showed a bullish trend as it was exhibiting tremendous buying pressure.

The Chaikin Money Flow displayed the massive inflow of capital into the market.

The MACD indicator showed a bullish crossover.

1-Day LTC

Source: TradingView

The one-day chart of LTC showed an uptrend from $42.27 to $92.92. The support points were at $22.67 and $29.94 and the resistance points were at $102.15 and $92.39.

The Parabolic SAR showed a bullish trend as the dotted markers were under the candles.

The MACD indicator showed a bullish crossover.

The Chaikin Money Flow was seen to be at zero, indicating an equilibrium between money inflow and outflow.



Conclusion

The one-day chart of BTC showed a bullish trend as indicated by the aforementioned indicators. The same can be said about LTC.





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