Major cryptocurrencies are facing significant turbulence, with XRP, Cardano (ADA), and Dogecoin (DOGE) dipping below crucial technical support levels this Monday morning.
Macroeconomic concerns arising from an ongoing global tariff conflict—which hedge fund manager Bill Ackman has referred to as an “economic nuclear war”—are impacting markets from cryptocurrencies to equities worldwide. Bitcoin is now trading under $79,000, and several prominent tokens have experienced a 14% drop.
XRP Price Analysis
XRP, the digital asset behind the XRP Ledger, has fallen to $1.90, marking a 14% decrease. On the daily chart, XRP has broken through its significant support level at $2.00, which had previously served as a psychological and technical stronghold. This failure culminates in a bearish head-and-shoulders pattern, indicating the possibility of further declines.
Technical indicators support a bearish trend. The 21-day exponential moving average (EMA) is positioned at $2.20, acting as resistance after XRP’s inability to reclaim this level in recent weeks. The relative strength index (RSI) has dipped into negative territory, lingering around 30, hinting at stronger selling pressure compared to buying interest.
ADA Price Analysis
Cardano’s ADA is trading at 55 cents, having decreased by 12% over the last 24 hours, falling below its 50-day simple moving average (SMA), which had provided crucial support since mid-March. This breach in the daily chart aligns with a larger descending triangle pattern, indicating ongoing bearish dominance.
The RSI for ADA currently sits at 38, approaching oversold levels, while the Moving Average Convergence Divergence (MACD) indicates a bearish crossover, as the signal line falls below the MACD line.
Immediate support is located around 35 cents, a level that was tested in late 2024; a further decline could potentially drive ADA towards 40 cents, representing a 30% decline from its present position.
For bullish conditions to arise, reclaiming and turning 60 cents into support is essential to counteract the bearish narrative, though wider economic pressures—exacerbated by tariff threats and a 20% decline in the overall crypto market cap this year—pose significant challenges.
DOGE Price Analysis
Dogecoin (DOGE), the memecoin favorite, has dropped to $0.16, reflecting a nearly 15% decline in the last 24 hours. It has cut through support at 18 cents, a level that held as the base of a consolidation range since early March.
A death cross has formed on the 4-hour chart, with the 50-period SMA falling below the 200-period SMA, suggesting a potential flip to a downtrend.
Currently, the RSI for DOGE is deeply oversold at 28, indicating the possibility of brief relief, yet the 20-day EMA at $0.21 remains a formidable resistance. If bearish momentum prevails, DOGE may drop to $0.14, aligning with its lows from December 2024.