XRP, Solana, and Cardano Face Price Declines Amid Economic Uncertainty
Major cryptocurrencies XRP, Solana (SOL), and Cardano (ADA) have each declined by approximately 6% in the past 24 hours due to macroeconomic pressures and uncertain U.S. policies.
XRP Price Analysis
- XRP is trading below critical support levels, with the next support at $1.60.
- High leverage in trading positions suggests potential for further decline before any recovery.
- A double bottom pattern has formed near $1.80; overall market structure remains bearish.
- Technical indicators show oversold conditions, with RSI at 22.41 and MACD indicating strong bearish momentum.
- The 50% Fibonacci retracement level at $1.91 is pivotal for a potential trend reversal.
- Momentum indicators have shifted from bearish to neutral, with RSI suggesting possible reversal if bullish momentum builds.
SOL Price Analysis
- SOL has decreased over 8% in a week, approaching a crucial support zone between $100 and $110.
- Significant drop of 22% from $122.75 to $95.72 occurred from April 5-7, establishing a new range between $103-$112.
- Major whale transactions coincided with a token unlock event, impacting supply dynamics.
- Needs to reclaim $112 to target $120; failure could lead to a drop toward $96.
- RSI below 40 indicates strong bearish momentum, while MACD shows bearish crossovers.
ADA Price Analysis
- ADA has declined about 6% in the past 24 hours and over 23% in two weeks.
- Daily RSI at 32 indicates nearing oversold territory but still has downside potential.
- Trading below 21-day moving averages confirms a bearish trend.
- Currently within a falling wedge pattern, typically a bullish reversal pattern, with expectations of a dip to 60-61 cents before potential upward movement.
Outlook
- For XRP, key support at $1.62; a break below may target $1 or lower, while a bounce signals a possible relief rally.
- SOL must hold $100 to avoid accelerated losses; oversold conditions might prompt a rebound if macro pressures ease.
- ADA needs to defend its current range to prevent a slide toward 55 cents.