While it seemed like the crypto-market was on the road to recovery after steady trading activity for a week or so, it would seem that it has now returned to its turbulent roots. In light of the king coin recording yet another significant fall a few hours ago, it would seem that this is likely to go on for a while now.
Source: XLM/USD on Trading View
Stellar joined the bearish bandwagon after its price collapsed by 8.56 percent and its market cap slumped to $801 million. At the time of writing, the price of the same was yet to recover, with its valuation dropping from $0.0421 to $0.0392.
The Parabolic SAR was hovering above the candlesticks, highlighting a bearish market trend. Further, the Chaikin Money Flow suggested a balance between the capital coming in and going out of the market.
Stellar was recently in the news after it received a boost in adoption with the Cowrie crypto-exchange introducing a payment corridor for Nigeria, one powered by the Stellar network. In fact, just a few weeks ago, the Stellar Development Foundation made headlines after it invested $715K in DSTOQ, a DeFi exchange.
Source: SNX/USDT on TradingView
Synthetix network recorded one of the heaviest pullbacks over the last 12 hours, with the same depreciating by 19.90 percent, pulling down its price to $0.47. However, following a quick recovery, the token was valued at $0.544, at press time, with a market cap of $98 million.
The Bollinger Bands highlighted that the token is due for higher volatility, with the MACD indicator suggesting that a bearish trend is likely to follow in the future.
Recently, the Synthetix network had announced that its native platform was going to include derivatives trading. In fact, according to reports, binary Options trading would be included by the third quarter of 2020.
Source: HBAR/USD on Trading View
Finally, Hedera Hashgraph registered a 7.74 percent dip as well, with the price dropping from $0.033 to $0.031 as its market cap remained under $12o million.
The Bollinger Bands continued to advocate a volatile future forward, however, the Aroon indicator suggested that the bulls had the upper hand. That being said, the declining momentum suggested that the bulls might be losing their grip on the market trend.
In what was the latest development in its ecosystem, Hedera Hashgraph announced Wipro Limited as the latest member of the Hedera Governing Council, with the project continuing its development towards becoming the most decentralized governance model.
