After taking a beating during the last quarter of 2018, the cryptocurrency industry is making attempts at market correction. The month of December saw the total cryptocurrency market capitalization grow from below $100 Billion to $143 on December 24. At the moment, the total market capitalization stands at $131 Billion and is expected to keep up the upward surge.
Over the last 24 hours, there were mixed fortunes for EOS and Stellar (XLM). While EOS suffered a considerable 6% loss, Stellar saw a rise in its value – recording 14% increase. Despite the slightly slumped prices for Eos, both Altcoins have seen their market performance improve relatively in comparison to the post-fork schism period where most digital coins took a beating.
Over the last 24 hours, stellar has seen a slow drop. Stellar opened off at $0.1024 yesterday against the current rate of $0.1169. This translates into a 14% increase. The Bulls overcame a strong bearish momentum to register an upward rally.
In the markets yesterday, the Bears had engulfed the markets with the 21 days Moving average (marked A) crossing over the 7-day moving average (marked B) within the course of the day. This was an indication of a Bearish momentum that was also felt with most other coins.
However, the 7 days EMA is rallying upwards and is poised to cross over, pushing prices upwards. As seen in point C, investor sentiments are positive. The Relative Strength Indicator (RSI) has been oscillating within 30 to 50 which shows increased confidence from investors after a tumultuous period for cryptos.
The upward rally for Stellar is expected to continue as the market makes attempts towards stability.
EOS started off selling at $2.9649 yesterday and is currently exchanging at $2.7720 against the dollar. This represents a 6.5% loss with the 21-day moving average (marked A) currently acting as the price support at the $2.7 mark as shown in the chart above. Additionally, the 21-day moving average crossed over the 7-day moving average (marked B) yesterday, perhaps an indicator that the bearish momentum will be here for long.
EOS suffered the same fate as Bitcoin which also saw red. There’s an upward rally however that has seen the 7 days EMA back on top. This indicates that a Bullish trend may be in the offing.