Are you an altcoin trader? Then you need to watch your crypto investment portfolios closely. High fluctuations in the market are creating the FUD situation. As the cryptocurrency market has experienced quite an unstable moment in the past 24 hours, XRP and ADA prices are likely to witness a steep nosedive below the key support levels.
A Bottom-Out Trend Develops In XRP And ADA Prices!
Despite the golden cross formation on Bitcoin (BTC), the altcoin market has been consolidating near a crucial price region. Further, the price of XRP and ADA declined today, weakening traders’ confidence in opening any positions.
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Cardano (ADA) Price Analysis
In the last week, the Cardano (ADA) price has witnessed a downward trend of more than 7%. This is because the crypto traders did not restrain from booking profits. This resulted in the domination of bears in the crypto price chart. Nevertheless, irrespective of a bearish decline, the token has witnessed a rigid interest from whale investors as Santiment noted a rise in transactions worth $100K. This helped the altcoin make a new high in 2023. In addition to this, TVL of Caradno locked in DeFi has risen more than 100%, thus making it a strong competitor in the crypto market.
As of this writing, the price of ADA is $0.388 and is up 0.5%. According to an analysis of the daily price chart, the Elliott graph shows that the price of ADA is getting ready to go down. After falling close to $0.414, Cardano might invalidate its bullish rally, and a retest at a $0.405 resistance level might send the token to $0.365. Additionally, the SMA-14 is approaching an area of overboughtness and could soon result in a significant bearish rally in the ADA price chart. The token will drop to $0.32 if it breaks through the EMA-100 trend line.
Ripple (XRP) Price Analysis
Ripple’s XRP is still facing a challenging time as the bears retain the pressure on. The XRP price is also hovering close to a very important support level. Unfortunately, the high level of selling activity raises the possibility that it may be premature to hope for a turning point.
As of this writing, the price of the XRP token has increased by 0.7% to $0.397. The token may break below the $0.39 support level of the EMA-100 if bears keep selling in large volumes. Continuous selling points could cause the XRP price graph to continue to decline and fall below $0.365.
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