Bitcoin Price Drop Triggers Altcoin Market Decline

21 days ago

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While negativity persists in the ETF channel, the Bitcoin price has dropped to as low as $64,550 in the last 24 hours. The daily loss was 7%. The fall in BTC price is causing popular altcoins to weaken from their resistance levels to support levels. What is the latest situation on the front of XRP, DOGE, and ADA Coin, which are of great interest to long-term investors?

Ripple (XRP)

XRP Coin price has retreated to the $0.58 support level we warned about this week. The 24-hour loss is around 4%. The symmetrical triangle formed over the past few days reflected the weakness of the bulls. The 20-day flat EMA and RSI below the neutral zone favor the bears. If BTC recovers quickly, the triangle’s resistance at $0.74 could be targeted, but this currently seems challenging.

If we see closures below the triangle’s support line, new lows could be sought below $0.52 and $0.48. Losing the $0.5 region will dampen hopes for a rally. This month, we will see Ripple’s response to a $2 billion penalty claim, and upcoming court news could increase volatility.

If we witness a weak defense and a decision against Ripple by the judge, we can expect selling pressure of over $1 billion. Naturally, in this case, investors might start selling before Ripple’s management does.

Dogecoin (DOGE)

DOGE bulls have been trying to turn $0.19 into support but have not been successful so far. The daily loss exceeded 10%, and the price is at $0.184. The 20-day EMA ($0.18) remains a key level for bears to accelerate losses. If selling continues, the price could fall to the 50-day SMA ($0.14).

In a bullish scenario, overcoming the $0.23 resistance could lead to a new move towards $0.3 and $0.33. However, this possibility seems unlikely under current conditions.

ADA Coin Chart Analysis

The ADA Coin price has dropped to $0.58 today due to the unbroken resistance at $0.68 and changes in overall market sentiment. At the time of writing, it is still in the support zone with daily losses of 6.42%. The price has been trapped between $0.57 and $0.68 for a long time, and the expected breakout could be downward.

If the support between $0.57 and $0.58 is lost, the ADA Coin price could fall back to $0.46. In the opposite scenario, the peak target will be $0.68.

The post first appeared on COINTURK NEWS: Bitcoin Price Drop Triggers Altcoin Market Decline
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