Bitcoin (BTC), IOTA (MIOTA) & Monero (XMR) Technicals driving price at the moment: sentiment analysis for April 11th
Bitcoin (BTC) is still under the psychological $7000 mark, but a deeper analysis reveals that the positive momentum in still there. In the last 24 hours, bitcoin has managed to hold steady above the $6700 price level, way higher than the previous lows of under $6500. That’s an indication that Bitcoin is currently trading in a strong demand area, with new investors possibly jumping in at this price level. This is evidenced by the increased trade volumes in the same period. In the last 4 days, bitcoin’s trading volumes have increased steadily from around $3.8 billion to its current volumes of over $4.2 billion. That’s an indication of increased interest in bitcoin at the $6700-$7000 price levels.
A look at the sentiment around bitcoin in different crypto forums paints a similar picture. In the last 24 hours, bitcoin has been mentioned some 257 times on different platforms, and out of these, 70% are positive mentions. This collaborates with the prevailing sentiment, as captured in bitcoin’s price, given that it is holding steady above $6800.
We can conclude that bitcoin (BTC) is at the moment is holding steady with investors anticipating a push above $7000 in the short-term, and even higher gains in the long-run.
IOTA (MIOTA) has seen some minor gains in the last 24 hours and is now trading above $1. However, volumes have dropped slightly but the drop is marginal. The current price rise could be an indication that investors are taking interest in this crypto, now that it has broken the psychological $1 that has acted as a serious resistance point since the bear run began two months ago. If IOTA stays above a dollar, we are likely to see more value gains in coming days.
A look at IOTA’s sentiment in the market reveals that this crypto is enjoying some positive market sentiment at the moment. In the last 24 hours, IOTA has had some 74 mentions on different platforms. Out of those, 72% of them are positive, which means that investors are currently bullish on IOTA.
On this basis we can conclude that the sentiment around IOTA (MIOTA) is positive at the moment. We can also conclude that the sentiment is largely technical based, in the sense that the price has edged above the critical price level of $1. Sustaining above this price level would be indicative of further gains in the future.
Monero (XMR) has made some minor gains in the last 24 hours, just like the rest of the market. However, trading volumes are pretty much flat, indicating that there is are no major fundamentals driving price at the moment.
The same scenario is visible in Monero’s mentions on different online platforms. In the last 24 hours, Monero has been mentioned around 28 times on different platforms. Out of these mentions, 57% of them are positive, with a significantly high number of 42% having a negative sentiment about Monero. This is a sign of market indecision about the direction of this crypto.
We can deduce that Monero (XMR) is currently sitting on a major support level at around $160. A break above this price will see a short-term bull run, while a break below it could see a continuation of the bear-run.