By Alicia Maher
Let’s dive into the altcoin market.
Ethereum (ETH)
Sustained sell-offs since yesterday saw Ethereum surrender this crucial support of $1,999, slumping to explore the lows at $1,700. That annulled recovery hopes as the altcoin dipped into massive bearishness. ETH dropped by 12.7% within the past week.
There’s only one lucrative element at the moment – volume stayed lower than on 12 May during the current fall. That might show sellers nearing an exhaustion level. Moreover, the RSI might ensure a bullish divergence if selling volume remains low.
Ethereum has faced rough conditions following eight successive weekly candlesticks closing in the red. The altcoin has to maintain beyond the $1,700 foothold to prevent further downtrends. Failure to that would see bears dragging ETH lower. The nearest support would emerge at $1,450 – the January 2018 ATH.
Ripple (XRP)
XRP performed better this week than Ethereum, maintaining its $0.38 support during yesterday’s slump. Nevertheless, the remittance token lost 7.3% within the previous week and hovered near crucial support, under which XRP will see escalated declines.
Halting the retracement at current zones would form a double bottom setup. That might lead to a swift recovery towards the crucial resistance at $0.56. Though it may be early for such expectation, the market hasn’t seen relief rallies in more than two months, and sentiments might shift unexpectedly.
XRP might witness bullish actions in the upcoming month, provided it keeps the $0.38 support. The 24hr Relative Strength Index also makes higher lows, showing possible signals that the downtrend could stop in the upcoming sessions.
Cardano (ADA)
Cardano presents a similar outlook to Ethereum as ADA plummets beneath the $0.50 support. That triggered bearishness in the token, eyeing the support at $0.39. For that reason, ADA struggled this week, closing the previous seven days in a 14.2% decline.
The coming days might see the token falling lower before recovery attempts. Buyers seem unlikely to rescue ADA as the crucial support levels stand well below the current prices. For now, Cardano has to prevent a daily closing beneath $0.39. This value represents May 2018 ATH, and ADA confirmed it in January last year before surging to $3. Losing the crucial levels might see Cardano losing over 90% of the present ATH.