Here’s How Ethereum Cardano, Solana & MATIC Are Facing the Crypto Crash

Sahana Kiran
Ethereum Cardano Solana MATIC
Source – Unsplash

The cryptocurrency market is currently in carnage due to increased liquidations. The world’s largest cryptocurrency, Bitcoin [BTC], dipped by nearly 5% over the last couple of hours. This drop comes after weeks of recovery for the king coin. Along with Bitcoin, the rest of the market also nosedived.

Prominent altcoins like Ethereum, Cardano, Solana, MATIC, XRP, Litecoin, and others were deeply impacted by this fall. Here’s how each one of these assets was faring amidst the ongoing crash.

Ethereum [ETH]

The second largest cryptocurrency was mirroring Bitcoin in terms of daily loss. At press time, Ethereum was trading for $1,569.79 with a 4.49% daily drop.

Source – ETH/USDT Chart on TradingView

ETH broke three prominent lines of support to reach its current level. As seen in the above chart, the cryptocurrency dipped below its immediate support line of $1622, followed by $1597 and $1565. Additionally, the Relative Strength Index [RSI] indicator revealed that the asset was slowly recovering from the oversold zone.

Cardano [ADA]

Unlike other assets, Cardano closed February on a relatively bad note. The asset dropped by 13% over the last 14 days. At press time, the cryptocurrency was trading for $0.338699, with a 4.9% dip in the past 24 hours. The latest crash brought more trouble to the already plummeting ADA market.

Ethereum Cardano Solana MATIC
Source – ADA/USDT Chart on TradingView

The downtrend that ADA has been on is clearly seen in the above chart. However, the parabolic SAR indicator used in the one-hour chart also exhibited a bearish notion. The indicator formed dotted lines over the candlesticks, which acted like a line of resistance against any possible upswing.

Solana [SOL]

Solana’s latest outage caused a commotion in the industry. All in all, February proved to be a volatile month for cryptocurrency. After dipping to a low of $19.84, it soon managed to rise to $26.48.

During press time, the altcoin dropped by 3.97% pushing SOL to $21.16.

Source – SOL/USDT Chart on TradingView

SOL, in its one-hour chart, broke its support level of $21.68. The MACD indicator is currently in a bearish crossover. However, the MACD line was slowly trying to take over the signal line. This brought about the possibility of a bullish crossover. Nevertheless, SOL had already started its recovery journey.

Polygon [MATIC]

Source – MATIC/USDT Chart on TradingView

The Polygon network has been thriving thanks to its increased collaborations with prominent tech firms. However, the price of its native cryptocurrency, MATIC, took a backseat. Throughout this week, the asset price dipped by 13%. At press time, MATIC was trading for $1.17, with a 3.68% daily decrease.

Earlier today, the cryptocurrency shattered a significant support level of $1.19. The Awesome Oscillator indicator restored hope in the market by forming green candlesticks, which is a bullish notion.

Cryptocurrency carnage: Honourable mentions

Along with Ethereum, Cardano, Solana, and MATIC, Dogecoin took a huge hit. The meme coin plunged by 6.23% over the last 24 hours and was trading for $0.0757 at press time. Litecoin was one of the biggest losers as it lost 8.10% throughout the day. The asset is currently priced at $89.10.