The recent performance of altcoins like XRP, ADA, SOL, and ETH has been quite disappointing as they have tanked double digits in a short period of time. This has raised concerns among investors and traders in the cryptocurrency market. With over $2 billion worth of liquidations happening within just 24 hours, it’s clear that the market is experiencing a significant downturn.
Ethereum, one of the top altcoins, has seen its price drop below key support levels, including the $2500-$3,000 range. This has sparked worries about a potential bearish trend as lower highs and lows continue to form. Resistance levels are now seen around $3,430 to $3,560, and a daily candle close below these levels could confirm a bearish trend for Ethereum.
Solana, another popular altcoin, has also been following a downward trend alongside Bitcoin and Ethereum. Breaking below the support level around $220-$225 has led to a drop to $200-$190, with the next support potentially around $177-$180. The old support zone between $220-$225 may now act as resistance, indicating a bearish trend in the short term for Solana.
XRP, a coin that has faced its fair share of challenges, is also showing a bearish trend as it broke below the support level around $2.60-$2.70. If it closes below this level, XRP could fall to around $2.33-$2.26 next. The RSI on the 4-hour chart is nearing oversold territory, suggesting a possible short-term bounce, but nothing is guaranteed at this point.
Cardano, with its ambitious goals and strong community, is facing resistance above the $1 level. Struggling to break through this level for months, the price has now dropped below key support around $0.72 to $0.73. If the price continues to fall, it could potentially drop to $0.60, representing a 25% decrease.
In conclusion, the current market conditions for altcoins like XRP, ADA, SOL, and ETH are challenging, with significant drops and bearish trends dominating the scene. Investors and traders need to closely monitor these developments and make informed decisions to navigate through this turbulent period in the cryptocurrency market.