NewsPrice Analysis

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

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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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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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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