Over the last 24 hours, the various Altcoins have undergone a bearish rally which has painted the crypto candles red. The total market capitalization for all cryptos is down 4% since Saturday, March 3 and is now at $126 billion. The largest Altcoin by market capitalization, Bitcoin, is down by 2.5% and is trading below the $3800 mark for the first time in two weeks. It is currently trading at $3770.
EOS took the biggest loss today, falling by more than 8%. It was followed closely by ETH, BCH, LTC, and TRON which are all down by more than 5%.
Over the last 24 hours, the XRP/USD pair has lost by 3.88%, starting off at $0.3137 on Sunday, March 3 against the current rate of $0.302 as at Monday, March 4.
Despite starting on a Bullish momentum, a bearish rally began during the day after the 30 days EMA (C) crossed over above the 9 day EMA (B). The drop was reflected in the markets as the RSI (A) is currently ‘oversold’. This means that investors are keen to buy the dip in anticipation of better prices.
The 30 day EMA is currently above the 9 day EMA and the two are moving in a reverse contracting triangular pattern which signals a Bearish rally in the coming days.
The XLM/USD pair started off on a bullish trend yesterday before nose-diving sharply today. Overall, Stellar is down by 1.96% in the last 24 hours and is now trading at $0.081. The downtrend has adversely pushed the previous support zone further down, moving from $0.085 to the current support zone of $0.083.
The dip has also affected investor sentiments. The RSI (A) is down from a high of 67 to 40. This marks increased sale offs as some investors look to buy the dip.
Currently, there seems to be an incoming Bull Run in the offing. The 9 day EMA (C) is above the 30 day EMA (B) with the two forming a contracting triangular pattern which signals a Bull Run.
EOS has taken the largest drop over the last 24 hours. It started off at $3.56 and is currently trading at $3.266. This bearish rally has had the effect of lowering support from $3.5 to $3.3 which has contributed to the coin being oversold in the markets as seen in the RSI (A). This means that investors are buying the dip.
At the moment, the bearish rally is set to continue unless the bulls can up their momentum. The 9 day EMA (B) is below the 30 day EMA( C) in a reverse contracting triangular pattern.