Over the past 24-hours, Bitcoin and Ethereum have lost approximately 8% of their respective values. Owing to their depreciation, most altcoins started treading on the same path.
Leaving aside the king-coin and the alt-king, Cardano, Solana, and XRP were seen suffering the most—from the top 10 list—at press time. The alts’ valuation had shrunk by 9%, 11%, and 7% in the same 1-day timeframe.
Cardano
At the beginning of this year, Cardano had lost its $1 support. The same level had notably kept ADA’s boat afloat during times of adversity in 2021. Post the breakdown, a mild recovery did follow in March-April but was too good to last. Of late Cardano has been trading below the psychological $1 level, but yesterday’s dip pushed it below $0.8. At press time, the #9th ranked alt was valued at $0.7915.
At this stage, Cardano has immediate support at $0.7517—coinciding with the 78.6% Fib level—that can be counted on. Since the beginning of this year, this level has stepped up multiple times and put a cap on Cardano’s losses. Thus, the same can be expected this time too.
In the worst-case scenario, however, if Bitcoin and co. continues to dip, then ADA wouldn’t be able to shield itself from the broader bearishness. In an event of the same, it can be expected to dip to $0.54, until being rescued by its 200-day MA [red line].
Solana
Solana had scripted history back in November last year by breaching $260 and creating new highs. Post that, however, it started tumbling and since the beginning of this year, started consolidating in the $80 to $130 range. Owing to the dip, SOL is back at the threshold of the lower limit of the said range. At press time, the #7th ranked alt was valued at $82.78.
Like Cardano, even Solana has an immediate support level of around $76.75. In February and March, the said level prevented the alt from dipping further. So, if the broader market stabilizes, the odds of this coin dropping below the said level would narrow down.
If the said level is lost as support in the worst-case scenario, then market participants can expect SOL to dunk all the way to the next resistance-flipped-support range extending between $52-$54.
XRP
Apart from being dependent on the broader market movements, XRP’s price has been well-receptive to the decisions made in the ongoing SEC-Ripple lawsuit. The price has reacted positively post landmark positive judgments on motions, while it has fallen whenever the SEC has scored a point. Of late, merely opposition and extension motions are being filed, and as a result, the price has remained humdrum.
Late Thursday’s dump did trigger XRP to fall southward, but as can be seen from below, its current price is more or less at par with last week’s levels. If the bearishness intensifies, then XRP would be able to find solace at around $0.55. Post that, if the market condition worsens, then, the #6th ranked alt could fall down to its 200 day MA at $0.5 [red line].
