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Crypto Space Plunge Heavily, Will the Lemons ETH, ADA, XLM Gear up to Surge?

Highlights

    Ethereum price declines notably with a loss of nearly 25% and attempting hard to maintain above $1000.

    Cardano price also drops more than 15% after rallying hard close to levels above $0.35.

The entire crypto space is painted in red as the majority of assets like Bitcoin, Ethereum, XRP, Litecoin, etc plunge heavily on an average of 15% each. The global market cap which has smashed $1 trillion with the BTC price surge, experienced a decline of more than 150 billion in a very short time frame. 

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Many speculate that the current plunge as a correction phase for the Bitcoin price which will skyrocket yet again as the phase comes to an end. In the meantime, lets us have a look at the losers for today.

Ethereum(ETH) Price Drops More Than 15%

ETH price chart

Ethereum price which rallied massively after a narrow trend despite Bitcoin’s huge rally plunged back to its previous levels. Currently, it is attempting very hard to maintain the levels above $1000. 

The Ethereum price got a major boost in the past weekend which rallied the price close to $1350. Many anticipated a new ATH to be formed very soon, nevertheless, a massive plunge followed which slashed the price close to 25% and dragging the price close to $1000.

Currently, at the time of writing, the ETH price is $1074 with a huge dip of 15.18% in the past 24 hours after rallying nearly 12.29% in the past week. 

Technical Indicators

  • The resistance levels are formed initially at $1140, after breaking these levels the price needs to visit next levels at $1280 and finally at $1347 to form new ATH further.
  • The current price is very close to the support levels at $1008 which needs to be sustained else the price may revisit the support levels at $980 and later at $850.
  • The market sentiments are pretty positive and the technical indicators point towards a ‘buy’ signal. 

Cardano (ADA) Price Dips Nearly 15.13%

cardanno price chart

The Cardano price initially was trending in an ascending triangle and a major breakout was expected. The price followed the expected pattern and surged to the levels close to $0.34 gaining more than 16%. 

The surge was short-lived as a plunge of nearly 27% was awaiting ADA price that dragged close $0.25 levels. At the time of writing, the ADA price stands at $0.2661 with a dip of 15.89 percent in the last 24 hours.

Technical Indicators

  • The current resistance levels are formed at $0.288, later the price needs to break the next resistance levels at $0.31.
  • The support levels are formed at $0.20
  • The market sentiments are pretty bullish and the technical indicators point towards a ‘buy’ signal.

Stellar(XLM) Price Plunges More than 18%

stellar price chart

Stellar price had the most lucrative rally in the past week which gained nearly 25 % in a matter of just 4-5 days. Later the price plunged heavily more than 45% to bring down the price close to $0.22.

At the time of writing, the XLM price is $0.2435 with a massive plunge of nearly 19.54%. However, the price is expected to rebound quickly in the short time frame.

Technical Indicators 

  • The resistance levels initially at $0.2636 and later at $0.3
  • The support levels are formed at $0.2305 which is very close to the current levels
  • The technical indicators point out towards a ‘buy’ signal

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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