Monethical Weekly Crypto Report 04/10/20, XLM surges while XMR takes a breath

GENERAL OVERVIEW

The last seven days have been positive for the top cryptocurrency projects. Each of the thirteen projects we cover has registered a positive result, with Stellar Lumens being the best performer after the last relatively disappointing week.

Altcoins in general have overperformed Bitcoin, which was second last in terms of performance in our sample, rising a modest 1.41%. BTC traded at a price over 7000 USD for the majority of the week, just to fall during the final day of our analysis under the 200-periods hourly moving average.

Bitcoin price and technical setting

The focus of the market is still on the halving event going to take place in a month or so. However, if Bitcoin’s forks Bitcoin Cash and Bitcoin Cash SV can provide any indication, their halving event of this week has not provided any considerable boost to their price.

While everyone is waiting for the halving, the technical weakness of BTC and the general situation of financial markets all over the world are clearly limiting even Bitcoin upside. In the meantime, altcoins keep overperforming.

30 days crypto indexes

TOP PROJECTS

As already mentioned, the top cryptocurrency projects clearly overperformed BTC during the past week, with the trend of decreasing dominance still going on. Differently from the past week, we also had a couple of projects increasing over 10%, namely Stellar Lumens (XLM) and Ethereum (ETH).

crpto scatter plot 7 days

The week has, therefore, been more positive than the last one overall, with the improved tone not coming on the back of any particular news. Stellar Lumens (XLM) has been the best performer, closing the week at 4.71 USD cents with a 15.07% w/w return, while Dash (DASH) experienced again the highest volatility. XLM even managed to trade over the 5 USD cents level under which it fell on the 12th of March for a few days, just to fall back again together with the whole market thereafter. The project has shown an outstanding performance during the last month, having recovered from the 2.5 USD cents minimum level touched right in March.

On the other hand, Monero (XMR) has been the worst performer of the week in our sample despite not registering a negative result. It closed at 53.69 USD with a +0.43% w/w performance, which was somehow due given that the coin has shown the best performance of our sample during the past 30 days, with a return approaching 70% and relatively low volatility on top of it. The technical setting for the coin was also not exciting as we mentioned in the previous weekly report.

30 days crypto scatter

TECHNICALS

The technical setting of the projects of our sample presents a very different picture accordingly to the considered time horizon.

7 days crypto technical framework
30 days crypto technical framework

On a weekly basis, all the coins are in the lowest half of their price range, with the downward movement happening between Thursday and Friday resulting in an oversold or nearly oversold level and the MACD signal in negative territory but starting to show some sign of inversion. On the other hand, on a 30 days horizon, MA50 and MA200 are not providing a buy signal, despite all of the projects being comfortably on the upper half of their price range. Several projects are also nearly overbought territory, with Ethereum and Stellar being there for the longest time. MACD is still in a positive setting all over the spectrum.

30 days crypto frequency distribution

We proceed to have a look at the frequency distributions of the coins’ price in terms of satoshis to have a look at the relative performances. Litecoin (LTC) is showing some weakness with respect to BTC in the last 30 days, while Ethereum Classic (ETC) seems to be consolidating its relative price on the lower end of the distribution, with the market accepting this relative price level as somehow fair. Ethereum clearly improved its situation, while XMR is still at a relatively high level despite the not outstanding week and that could represent the meaningfulness of the current relative price level with respect to BTC. However, on a shorter time horizon XMR appears weaker, while IOTA joins Ethereum and Stellar Lumens among the coins significantly improving their setting during the last seven days.

7 days crypto frequency distribution

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DISCLAIMER
The views expressed in this report reflect the analysts’
personal views about the cryptocurrencies subject of the
report. These views may change without notice and are
subject to market conditions. The report is prepared for
information purposes only and by no means constitutes a
solicitation to investment or disinvestment. All the data are
taken from Binance at 13:00 UTC on the 10th of April 2020. USD
and USDT are used interchangeably for illustration purposes.
All the presented valuations, indicators, and analyses are
subject to errors. The report is for personal use only and should
not be republished or redistributed.