Positive investor sentiment coupled with a strong surge of institutional capital has seen the cryptocurrency market bounce back over the last week, potentially heralding an end to the Q1 2018 bull run and foreshadowing a potential bull run. While market cap dominators Bitcoin and Ethereum had demonstrated strong chart actions, alts such as Stellar, Cardano, NEO, and EOS are all expressing positive movement that hints toward a potential repeat of 2017’s epic Q4 run up.
The bullish movement of major market cap cryptos isn’t solely due to investor sentiment, however — several alts have announced major partnerships, reached roadmap milestones, or have been listed on notable exchanges, making the last seven days a highly positive week for investors and traders alike as market sentiment shifts toward the green.
Stellar Lumens (XLM)
Stellar Lumens (XLM) has reached a new 24-hour trading volume of roughly $189 million, and is currently trading for approximately $0.37 against the U.S. dollar. Stellar is the globe’s eighth largest cryptocurrency, and for the most part, is outpacing nearly every single altcoin and Bitcoin competitor with the exception of Bitcoin Cash, which has incurred a $60 jump in the past 24 hours and now sits at just over $940.
XLM has nearly doubled its price over the last week, however, and the reasons seem strong and varied. Some analysts attribute the coin’s high performance to growing “excitement” over the upcoming initial coin offering (ICO) of Canadian cannabis company Nezly, which is scheduled to launch tomorrow, Friday April 20.
Stellar is often posed to challenge Ethereum, which up to this point has been the leading technology behind ICOs and related ventures, and the upcoming sale may have boosted investor interest in the coin to new levels.
XLM also enjoys a high percentage of usage in Asia, with Chinese cryptocurrency exchange Binance accounting for roughly 30 percent of XLM trades. South Korean platform Upbit accounts for nearly 22 percent.
XLM has also been listed on two additional digital currency exchanges: BuyBit (based in New Delhi) and Coindirect. This is slated to positively affect the coin’s liquidity in the long run.
Meanwhile, Cardano (ADA) has received a much-needed boost and is trading at roughly $0.26. As the seventh largest cryptocurrency on the market, ADA is spiking largely in part to its new listing position on Binance, but things aren’t stopping there.
Binance then decided to broaden ADA’s spectrum, and the coin is now trading with both USD and BNB (the exchange’s coin), offering Cardano more flexibility in its trading system and bringing more potential investors to the table. Roughly $610 million in ADA funds has exchanged hands in the last 24 hours alone.
This, combined with Cardano’s low transactions fees and developmental ease are slated to push the currency further into bullish territory, though some analysts warn that the behavior is mimicking that of a pump, and suggest the present conditions may not last for an extended period. Investors are being asked to keep this in mind and remain cautious over the coming weeks.
NEO appears to be stuck between the 20 and 50-day EMAs.
At press time, the currency is trading at $64 – a recommended buy level amongst most investors – though a breakout is expected in the coming days that could potentially bring it closer to $80.
This, however, may set NEO up for further resistance between the $80 and $88 trading figures.
Currently, NEO is experiencing strong support at $64, though any backtracking could see it fall back to as much as $54.
EOS seems to be on an upward trend, trading for approximately $7.80 at press time.
Current behavior suggests bullish territory in the coin’s immediate future, with the potential to break $9.50 or even $10 sooner than one might anticipate. Either way, ascension appears imminent for now.
Cover Photo by Roman Bozhko on Unsplash
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