The cryptocurrency market is currently experiencing significant volatility, with major tokens like XRP, Cardano (ADA), and Dogecoin (DOGE) facing sharp declines. Early on Monday, these digital assets fell below crucial technical support levels as concerns about macroeconomic factors loomed large. Market analysts are highlighting a global tariff war—labelled an ‘economic nuclear war’ by hedge fund manager Bill Ackman—contributing to instability across crypto and global equity markets, with Bitcoin dipping below $79,000 and many other tokens witnessing a drop of 14% or more.
XRP Price Analysis
XRP, which powers the XRP Ledger, has seen a considerable downturn, slipping to $1.90, representing a 14% decrease. The daily trading chart reveals that XRP has broken through its critical support at $2.00, a level previously regarded as a solid psychological and technical benchmark. This breakdown completes a bearish head-and-shoulders pattern, indicating the potential for further downside in the near term.
Technical indicators currently reinforce this bearish outlook. The 21-day exponential moving average (EMA) is positioned at $2.20, serving as a resistance level after XRP failed to reclaim it in recent weeks. Additionally, the relative strength index (RSI) has fallen into negative territory, hovering around 30, which suggests that the selling pressure is currently outweighing buying interest.
ADA Price Analysis
Cardano’s ADA token is trading at 55 cents, marking a 12% decrease in the past 24 hours, and has fallen below its crucial 50-day simple moving average (SMA). This breach of support, which had sustained the price since mid-March, aligns with a broader descending triangle pattern, suggesting that bearish control is persisting.
The RSI for ADA is currently at 38, approaching oversold territory, while the Moving Average Convergence Divergence (MACD) shows a bearish crossover, with the signal line now below the MACD line. Looking ahead, the next support level is around 35 cents, a threshold tested in late 2024; a break below this level could lead ADA down to approximately $0.40—a staggering 30% decrease from present levels.
To negate the bearish sentiment, bulls would need to reclaim 60 cents and convert it into support. However, ongoing macroeconomic challenges, exacerbated by tariff threats and a 20% loss in the overall crypto market cap this year, make such a feat significantly challenging.
DOGE Price Analysis
The beloved memecoin, Dogecoin (DOGE), has plunged to $0.16, reflecting a nearly 15% drop within the last 24 hours. It has sliced through the support level at 18 cents, which had previously defined a consolidation range since early March.
Examining the 4-hour chart reveals a concerning development: a death cross has formed, with the 50-period SMA crossing below the 200-period SMA. This pattern signals the potential for a trend reversal in the downward direction.
The RSI for DOGE currently sits in oversold territory at 28, suggesting the possibility of short-term relief. However, the looming 20-day EMA at $0.21 presents a formidable resistance. Should bears maintain control over the market, DOGE could see a further decline to $0.14, aligning with its lows recorded in December 2024.
