Crypto Price Watch: Stellar Lumens, Cardano and NEO Incur Price Drops While EOS and IOTA Ascend

Crypto Price Watch: Stellar Lumens, Cardano and NEO Incur Price Drops While EOS and IOTA Ascend

Several altcoins are wading deeper into reddish territory. This could largely be attributed to the recent falls of most major cryptocurrencies like Bitcoin, which has dropped by roughly $700 in the last 72 hours after a weekend high of over $9,800.

Stellar Lumens (XLM)

At press time, Stellar Lumens is trading for about 38 cents. This is a three-cent drop from its previous position of 41 cents, and like most altcoins, XLM is showing signs of descent.

XLM Price Chart - May 8, 2018
Stellar Lumens is down 2.19% over the past 24 hours.

The good news is that Stellar has recently partnered with Smartlands, a platform built for low-risk future-proof tokens. The enterprise has unveiled a new version of the Stellar wallet which executives state will bring higher levels of scalability, security, and usability to their growing list of customers.

The announcement was made on the company’s Twitter page, and could potentially lead to further awareness of XLM, thus steering the currency back towards a bullish edge.

Cardano (ADA)

Cardano has incurred a slight drop in price since our last price piece, falling from 34 cents to 32 cents respectively. Analyst John Isinge of FX Street believes current trends suggest a “near-bearish momentum,” and that short-term resistance could bring it down further to about $0.32.

ADA Price Chart - May 8, 2018
Cardano is down 1.85% over the past 24 hours.

Cardano could make headway in its price and technology, however, as the cryptocurrency platform is entering an agricultural venture in Ethiopia. CEO Charles Hoskinson recently signed a “Memorandum of Understanding” with the Ethiopian Ministry of Education to train blockchain developers on how to use the currency in agricultural projects.

The first batch of developers have already begun their education, and Hoskinson expects them all to be working with the Cardano code by the end of 2018.

NEO (NEO)

At press time, NEO is trading for about $77 – a five dollar drop since our previous discussion.

NEO Price Chart - May 8, 2018
NEO is down 2.49% over the past 24 hours.

NEO’s lasting strength could be due to the coin’s correlating signs with Ethereum. While Ether coin has also dropped over the last 48 hours, the currency is holding its ground in the $700 range, trading for roughly $745 during yesterday’s early afternoon hours.

E-Toro has completed a market analysis of the Chinese asset, and says that the growing number of dApps in the NEO space could potentially assist the coin in surpassing Ethereum. NEO supports multiple programming languages while Ether only supports one; it also exhibits a much more centralized nature, thus clearing a path for its integration into respective regulatory bodies and programs. The currency has already partnered with various security systems and the Chinese government.

EOS (EOS)

EOS is one of only a few altcoins trading in the green, with a price of $17.99 at the time of writing. This is an increase of roughly 20 cents since our previous discussion.

EOS Price Chart - May 8, 2018
EOS is up 1% over the past 24 hours.

Analyst Manoj B. Rawal of FXStreet believes that the currency’s uptrend may be back online after undergoing a slight period of consolidation. EOS is experiencing solid support at $17, though resistance at both $19 and $20 is to be expected. Thus, it’s unclear whether EOS will simply remain in the $18 range or if further price jumps will occur in the immediate future.

IOTA (MIOTA)

IOTA is another altcoin moving deeper in the green. At press time, the currency is trading for $2.46. This is a 15-cent spike since our previous price article.

IOTA Price Chart - May 8, 2018
IOTA is up 8.78% over the past 24 hours.

Devon Dixon of Week Herald notes that IOTA was recently trading up eight percent against the U.S. dollar on most exchanges, bringing its market cap to an impressive $6.75 billion. In the last 24 hours alone, over $333 million USD in IOTA has been traded globally on cryptocurrency exchanges.

Market Summary

The present cryptocurrency market cap stands at $434 billion. This is between $15 and $20 billion less than what was previously established in our last price piece, though some coins continue to show promise and incur relative price hikes. Investors are once again warned to trade with caution, and take special notice of the price drops seen in many assets both small and mainstream.

Cover Photo by Simon Fitall on Unsplash

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Nick Marinoff

Nick Marinoff is an author, writer, and journalist that has been covering the cryptocurrency arena since 2014. In the past, he has served as a news writer and editor for Money & Tech, and as a senior writer several cryptocurrency websites. He also has several guest publications under his belt from Sludge Feed to Coin Journal to Digital Gold Magazine. He has since traveled extensively to libraries, offices and other locations delivering seminars on the book's subject matter and the growing student debt crisis in America.

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