Ethereum, Stellar, Dogecoin Price Analysis: 29 July
For many of the market’s altcoins, a rally was in the works even before Bitcoin’s price hike that enabled it to go past $11k took place. However, in the past day’s time, strong bullish momentum in the altcoin market has seen a dip. For the second-largest altcoin Ethereum, the past 24-hours’ price action hasn’t been very inspiring and in the case of coins like Stellar, the hike was marginal.
Ethereum saw its price surge earlier in the month and in the past few days noted a price consolidation. At press time, Ethereum is being traded at $324 and is currently trying to breach the resistance at the same price point. Ethereum currently has a market cap of $36 billion and a 24-hour trading volume of $12 billion. If bearish pressure were to overwhelm the coin’s price, a drop to the supports at $299 and $280 is possible.
The EMA ribbons for Ethereum has now settled below the current trading price and is likely to offer support. The MACD indicator has undergone a bearish crossover and signals an upcoming price drop. After having noted a significant hike in trading price, data tracked by Ethereum mining pool Sparkpool. noted that the daily income earned by Ethereum miners soared by over 60% in a month.
Unlike Ethereum, Stellar witnessed a 6 percent price hike in the past 24-hours bringing its current trading price to $0.097. With a market cap of over $2 billion, XLM currently occupies the 14th spot on CoinMarketCap’s list. If the coin’s price were to surge even more it is soon likely to be met with resistance at the $0.10 price level. However, if a price drop were to take place then the coin may head towards the support at $0.094.
The MACD indicator has undergone a bullish crossover and signals the possibility of the price rise to continue. The Bollinger Bands are slightly contracting and indicate a slight decrease in volatility for XLM’s price. Stellar was recently in the news after UK based fintech firm Revolut announced that it has added Stellar lumens to its list of supported cryptocurrencies.
After a stunning surge, Dogecoin’s price has relatively stabilized. At press time, the meme-coin is being traded at $0.0033 and has a market cap of $408 million. The coin has a strong resistance at $0.0036 and is now testing the support at $0.0031.
The EMA ribbons, after having settled below the current trading price are now offering support for the coin. The Stochastic indicator has now placed itself in the overbought zone and signals strong bullish sentiment.