The leading cryptocurrency Bitcoin (BTC) experienced quite turbulent movements throughout the week and thus influenced the entire cryptocurrency market. Bitcoin’s rise to $35,000 was also instantly met with selling pressure at the resistance point, and the price fell again. So how did altcoins act in the face of this scenario?
XRP/USDT Technical Analysis
The seventh-largest cryptocurrency by total market capitalization, XRP, has lost 8% in the last 24 hours. While the total market value of XRP was reduced to below $ 30 billion, the unit price was also supported by $ 0.62. Although $0.50 is an important support for the XRP price, the loss of $0.62 will also increase the burden on this support and contribute to overcoming it.
For now, XRP price seems to be stuck between the $0.50 support and the $0.75 resistance. If the bears increase the pressure, it may lead to a pullback to $0.50 in the short term. The XRP/USDT pair is currently in a descending channel formation and the price is at risk of going as low as $0.40.
ADA/USDT Technical Analysis
Although Cardano has achieved a serious bounce from the $1 support, it has now started to retreat to the same support point. Just hit the wall at the 20-day EMA ($1.42), and if ADA loses $1, the next level will be $0.68. As of the writing of this article, ADA, which was traded at $1.29, lost 13% in 7 days.
For the ADA price, especially the EMA, which corresponds to $1.42, presents a critical resistance. Above this, the $1.61 level is very critical. If ADA loses the $1.27 support, it is highly likely to decline to $1.
DOGE Technical Analysis
DOGE, which Elon Musk defines as “the public’s crypto money”, has been criticized by the public in recent times. DOGE pulled up to $0.15 support on June 22 and reached the 20-day EMA. DOGE, which tried to hold at the $0.28 level but returned from the resistance, is currently trading at $0.24.
Although DOGE has shown that it is relatively more durable with a 3.6% drop in the last 24 hours, $0.24 must be broken for a real breakout. If DOGE fails to do so, the next support will be $0.15.