One would expect that the bullish sentiment experienced after the 2018 crypto winter would drive the price of all cryptocurrencies upward, right? Well, the reality is that some cryptos had inferior performance in the industry and we’re going to shed light on some of the worst performing coins in 2019.
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The recent bullish sentiment from the Chinese president Xi Jinping marginally improved the state of these alternative coins and in this post, we identify, analyze, and rank the 2019 under-performing cryptocurrencies, beginning from the weakest of them all.
Stellar: XLMUSD
Number one on our list of worst-performing coins of 2019 is Stellar (XLM), merely because it trades below last year’s 2018 all-time low. While major top-20 altcoins exited the oversold area on December 17 ’18 and proceed to an increase in price, the XLMUSD price nose dives further south.
The pair finally broke above hidden bearish accumulation on February 25 ’19, for a price increase of about 93.3%.
Upon entering the MA-50 resistance zone, Stellar couldn’t sustain the bullish rally as the bullish accumulation support gave way to an increase in sell pressure on June 03 ’19.
So far, XLM prices have declined by roughly 56.2% from the breakdown signal, and still shows no definite sign of recovery even with general bullish sentiment across the crypto market.
Perhaps the breakout of bearish accumulation and bullish accumulation on October 21 ’19 may be a starting point for bullish recovery. However, the price has to first close above the MA-50.
Dash: DASHUSD
DASHUSD exited the oversold level last year, December 17 ‘18, like most responsive altcoins, increasing by about 185%.
After the failure of significant support levels at $152.367 and $144.703, the price of DASH plummeted by 54.2% and closed bullish last week, forming a long upper shadow. The MA-50 proved to be a healthy resistance level forcing the DASHUSD to close with a long upper shadow last week.
Ripple: XRPUSD
At number three, Ripple (XRP), the cross border platform crypto performed similiarly to Stellar Lumens, forming a new two-year low after closing below last year’s lowest low on September 23 ’19.
XRPUSD is trapped below the MA-50 resistance, and the bulls find it challenging to close beyond this level even after signaling a bullish accumulation pattern on October 21 ’19.
Monero: XMRUSD
The privacy coin Monero (XMR) also exited the oversold area on December 17 and proceeded to trigger other bullish entry signals on March 18 and May 20, 2019. Demand for privacy coins started drying up, coupled with an increase in Bitcoin (BTC) dominance that’s led to the price dropping below the MA-50.
Last week’s bullish accumulation pattern alongside the bear-trap pattern on October 14 shows optimism for a bullish trend. However, the MA-50 still stands as strong resistance to further price hike.
IOTA: IOTUSD
Lastly, IOTA, the cryptocurrency for Internet of Things, closed above bearish accumulation resistance $0.2426 on December 17 ’19, bringing the price into the MA-50 resistance zone.
A collapse of bullish accumulation on June 24 ’19 sent the price crashing down towards December 03, 2018 low, where we see low volatility as the price approach the MA-50 level again.
Conclusion
The worst performing altcoins have generally been trading below the MA-50 at publication time, showing strong bearish sentiment, low volatility, and low volume.
A breach of the 50-day Moving Average is significant for a price recovery to the upside for each of the analyzed under-performing crypto pairs as we enter the last quarter in 2019.
Disclaimer
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