Cardano and XRP Prices To Witness A Steep Fall Below This Level
Investors are getting less confidence in opening positions in the altcoin market. Cardano and XRP made a strong rejection today, which may intensify a dip in trading volume.
It is now the time for altcoin traders to watch their investment portfolios closely as the high fluctuation in the market creates a FUD situation. As the market has experienced unstable momentum in the last 24 hours, Cardano and XRP prices are poised to witness a steep fall below key support levels.
In addition, as AI cryptocurrencies gain attention, price movements of altcoins have been uncharacteristically erratic. This may lead Cardano and XRP prices to large swings, which will likely impact traders to shift their attention.
ADA And XRP Prices Develop A Bottom-Out Tendency!
The altcoin market has been consolidating near a crucial price region as Bitcoin price is waiting to pump with the help of its golden cross formation. Moreover, Cardano and XRP prices made a rejection today, which weakened traders’ sentiment in opening any position.
Cardano Price Analysis
ADA price has witnessed a downtrend of over 7% in the last week as traders did not restrain from booking profits, resulting in bears’ domination in the price chart. However, despite a bearish retracement, the token witnessed strong interest from whale investors as Santiment noted a surge in transactions worth $100K, making a new high in 2023. Moreover, Cardano’s TVL locked in DeFi has spiked over 100%, making it a strong competitor in the market.
As of writing, ADA price trades at $0.388 with a gain of 0.5%. Analyzing the daily price chart, ADA price is preparing for a downtrend, as indicated by the Elliott graph. Cardano may invalidate its bullish rally after tumbling near $0.414, and a retest at a resistance of $0.405 may send the token to $0.365. Moreover, the SMA-14 moves on the verge of an overbought region and may soon end up in a severe bearish rally in the ADA price chart. A breakout below the EMA-100 trend line will slump the token to $0.32.
XRP Price Analysis
XRP continues to face a tough time as the bears keep the pressure on, with the price hovering close to a crucial support level. Unfortunately, the high volume of selling activity suggests that it may be too soon to dream of a turning point.
As of writing, the XRP token trades at $0.397 with a rise of 0.7%. If bears continue to sell with high volume, the token may see a breakout below the EMA-100 support level at $0.39. An extended downtrend in the XRP price graph may witness continuous selling points, slumping the token below $0.365.