The broader cryptocurrency market showed signs of trading in the green just 24 hours ago, but it was a slow day today. Most altcoins showed market weakness with mostly sideways movements, with the exception of all stable coins, many altcoins gave way slightly. XRP’s market cap fell 5.96% with a sharp drop in capital inflows, DOGE’s trading volume also plummeted 56.39%, and ADA looked like there might be a price breakout.
Buying pressure for XRP had remained pretty low for the past few weeks, with the coin hovering around the $ 0.638 and $ 0.570 price range. The weak price movement also leads to weaker buying pressure
At the time of writing, XRP was available for $ 0.570 as it prepared to break in further and hold on to the $ 0.546 support level. If XRP’s prices don’t see an immediate uptrend and cross the $ 0.638 resistance level, it can cascade further.
Parabolic SAR underpinned the downward movement in price as the dotted lines aligned above the candles, indicating a continued downward price trend in the market. Chaikin money flow saw a sharp decline in capital inflows as selling pressures increased. Likewise the Relative Strength Index moved towards the oversold and undervalued areas as the indicator was just above the 30 mark.
DOGE saw the price move down after experiencing a brief upturn just 48 hours ago. At the time of writing, DOGE was trading around the $ 0.175 level after falling 5.8% in the past 24 hours.
With further losses, it is likely that DOGE would fall below the $ 1.69 level and then hit it again. The lack of buying pressure also made the bears even more robust; despite an apparent consolidation, the coin is likely to fall below its current price level.
The Bollinger bands stayed in parallel with a slight divergence, suggesting that price movements would remain in a limited range and the likelihood of market volatility would be very small. When prices rose briefly 48 hours ago MACD Indicator noted a bullish crossover. At the time of going to press, however, the bullish signal was falling.
Chaikin money flow submerged, suggesting that capital outflows preceded capital inflows due to lower demand for the coin as noted above.
Cardano is down 3.3% since yesterday and was trading at $ 1.15 at the time of writing. ADA has seen sideways movement for the past week and the coin could fall below its current price level and soon rest in the $ 1.09 support zone if it does not prepare for an immediate upward move.
It experienced high resistance at the $ 1.27 level as the asset remained bearish for a while. ADA’s market cap fell 4.43% as prices were on the downside.
The market looked saturated with less price fluctuations as the as Squeeze momentum indicator pictured a squeeze. As prices have remained consolidated, a possible breakout may occur. MACD saw a bullish crossover followed by bullish signals, but the green histograms were shrinking at the time of going to press.
Average direction index implied the asset was out of the consolidated phase but was still showing market weakness as the indicator was just above the 20 mark.