NPXS Leads Market Drops as Cardano (ADA) and Stellar (XLM) Approach Important Support: There was somewhat of a bloodbath across the board in top 100 cryptocurrencies. Ranking 50 on the coin market cap list, Pundi X’s NPXS led the drops with a 19% loss, while Verge (XVG), ranking 35, saw the most gains with a 5.48% gain.
In top 10, we saw losses anywhere between 2% to 7%, with the exception of Tether, ranking 10 which merely saw any changes to its token price. Cardano’s ADA, in particular, saw the most amount of drops versus the USD, [IMG 1] testing the lower band of the daily Ichimoku cloud, and could be heading down towards the all-time low levels of 0.11 and 0.07 respectively.
Also on the Ichimoku Kinko Hyo, the kijun line is just about to cross below the Tenkan line, so the support levels could create a valuable buy opportunity for those who’ve been waiting to get involved in the market which boasts being among the only blockchain platforms evolved out of a scientific philosophy.
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Stellar’s XLM was the second loser in top 10, with a slightly different chart pattern as it has yet to [IMG 2] dive through the daily Ichimoku cloud as traded versus the USD. The next support level is set at 0.21, while the current price is already below the pivot level and 61% Fibonacci retracement of 0.35.
Don’t forget to complete your risk management due-diligence before developing your investment strategy.