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The dominant crypto currency Bitcoin’s price crash to below $49,000 influenced the other digital currencies to decline and lose their momentums. Surprisingly, Bitcoin reclaimed its price position by hitting $50,000. This resulted in the surge of other altcoins.
The other digital currencies like XRP, DOT, ADA and LINK have also regained their momentum followed by the recovery of Bitcoin reaching $50k.
XRP Price Analysis
XRP is rallying hard to reclaim its position amid SEC lawsuit. XRP declined to $0.50 from a high price of $0.57 as the buyers failed to establish control over the sellers.
The next high is to be formed at $0.79 if the bulls successfully hold the market at the past resistance levels $0.56 and $0.65. The intact support levels are to be formed at $0.45 and $0.40. The relative strength index currently stands at 49.90, indicating strongly the buy signal.
At press time, XRP price is $0.48 with a 24 hour trading volume of $10,94,89,44,045. It currently stands at seventh position with a market capitalization of $22,29,26,16,053. It is up 8.19% in the last 24 hours.
Cardano Price Analysis
As the result of Bitcoin’s all time high, Cardano dramatically surged to $1.20 to achieve a milestone since 2018 and the bears strongly dragged the prices down to below $0.85. ADA hovered between $0.91 and $0.92 before hitting a high of $1.20.
ADA could form a new high at $1.35 if it manages to be stable from the selling pressure and surpass the previous resistance level at $1.20. The major support levels for Cardano are to be formed at $0.75 and $0.90. The relative strength is strongly indicating the bullish cycle by claiming 69 points.
At a press time, ADA is trading at $1.05 with a 24 hour volume of $10,07,94,27,999. It is up by gaining 14.29% momentum in the last 24 hours with a market capitalization of $32,58,03,09,800. It is currently standing at sixth position according to Coinmarketcap.
Polkadot Price Analysis
The Polkadot reformed its price position after a crucial fall of Bitcoin’s value. As a result, DOT sank to as low as $12.52 and again rebounded to $37.10. Further the currency is anticipated to form a new high of $45 if it successfully retests at the past resistance level $42.14.
The major support levels are to be formed at $26.03 and $32.22. The relative strength index is significantly at a higher point of 69.17 strongly indicating the bullish cycle.
At a press time, DOT’s price is $36.19 with a 24 hour trading volume of $6,99,80,74,480. It gained 15.37% momentum over the past 24 hours with market capitalization of $33,07,86,69,972 and the current coinmarketcap rank is #5.
Chainlink Price Analysis
Chainlink’s price has experienced a massive 26% crash due to the consistent selling pressure.
Link’s price produced a range of highs and lows since the mid January. The currency rallied between $34 and $36 before plunging drastically to $13.03 amid Bitcoin’s liquidation by many exchanges. Chainlink reformed its price at $28.
The next high is to be formed at $40 if the price successfully surpasses the resistance level at $36.83. The major support levels are $20.71 and $24.16. The relative strength index is at a lower point of 49.61, strongly indicating the bearish cycle.
At a press time, LINK’s price is $28.29 with a 24-hour trading volume of $4,14,93,14,351. It is up 11.54 in the past 24 hours with a market capitalization of $11,58,44,80,963 and the current coinmarketcap rank is #9.