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Analysis

Ethereum, Stellar lose momentum while Decred sees bullish revival

Chayanika Deka

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Source: Pixabay

The cryptocurrency market underwent a decline which drove the collective market cap to $246 billion, at the time of writing. Following this, Bitcoin fell below $9,000-mark while its dominance also took a minor plunge to 65.6%.

Source: CoinStats

At press time, BTC was being traded at $8,797 after a slump of 5.06% over the past day as it held a market cap of $161 billion and a 24-hour trading volume of $33.86 billion.

Ethereum [ETH]:

Source: ETH/USD on TradingView

Despite delays for the launch of Ethereum 2.0 that had initially been slated for January of 2020, its price continued to follow a steady uptrend. The latest drop of 3.98% over the last 24-hours, however, drove ETH to $201.5. Additionally, it held a market cap of $22.38 billion and a 24-hour trading volume of $11.90 billion.

Resistance: $211.4

Support: $191.87

MACD: The MACD slid below the signal line depicting a bearish picture for the coin.

Chaikin Money Flow: The CMF also appeared to be struggling to hold above the bullish territory.

Stellar [XLM]:

Source: XLM/USD on TradingView

Despite being lackluster in its price Stellar was awaiting its next milestone progress with  Protocol 13 and Horizon 1.0 updates which validators are slated to vote on in early June. After a slump of 4.91% over the last 24-hours, XLM was priced at $0.0644. At press time, the coin registered a market cap of $1.30 billion and a 24-hour trading volume of $335.04 million.

Resistance: $0.069

Support: $0.063

Parabolic SAR: The dotted markers above the XLM candles exhibited a bearish phase for the coin.

Awesome Oscillator: The green closing bars of the AO indicator, however, aligned with the bulls.

Decred [DCR]:

Source: DCR/USD on TradingView

The 44th-largest coin in terms of market cap, Decred has massively profited from Bitcoin’s rally in April. As it continued to follow the footsteps of the king coin, the latest price swing to the downside also swayed DCR’s price to incur losses.

DCR registered a market cap of $156.24 million and a 24-hour trading volume of $96.20 million, at press time. Additionally, it stood at a value of $13.55 after a decline of 2.68% over the last 24-hours.

Resistance: $14.11

Support: $12.92

Klinger Oscillator: KO was well above the signal line which indicated a bullish trend for the coin.

Relative Strength Index: The RSI, also appeared to be moving up close to the 50 median indicating the decreasing sell pressure in the coin market.

Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.