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- Analysts have predicted that the top altcoins – XRP, SOL, ADA, and ETH could record a further decline from their current position before staging any possible upsurge.
- XRP has been predicted to fall to $2.33–$2.26 once it fails to close the day above its previous support range of $2.60–$2.70.
The altcoin market takes a serious hit as the major assets slump below their crucial support range as liquidations reach $2 billion in just 24 hours.
According to our market data, the altcoin index reached its yearly low of 36/100, creating a blurry picture of the much-anticipated altseason predicted to be happening soon. However, analysts believe that this is the perfect entry position as the likes of XRP, ADA, SOL, and ETH create rare buying opportunities.
XRP
XRP was one of the most affected cryptos in the 24-hour broad market liquidation. According to our market data, the asset has declined by 16% in the last 24 hours and 13% in the last seven days. However, its 90-day returns remain 366% up as the asset trades at $2.4.
Technically, the current price is just below a crucial resistance range of $2.60–$2.70. Failure to re-enter this position by the close of the trading day could see XRP falling within the next support at $2.33–$2.26.
It is important to note that key market indicators support the current trend as the Relative Strength Index (RSI) on the 4-hour chart approaches the oversold territory. According to our recent analysis, XRP could record a sharp rebound to hit $5 in this quarter.
Solana (SOL)
Solana’s (SOL) nosedive from a monthly high of $294 to a daily low of $180 was one of the most dramatic moments in this market downturn. According to our market data, the asset, though it has slightly rebounded to $196 at press time, declined by 7% on its 24-hour price chart. On the weekly chart, SOL has declined by 12%.
It is important to note that SOL’s crucial support range was found at $220–$225. However, it has broken below this range to stabilize within the next support of $200–$190. According to analysts, SOL could further slip into another support range of $177–$180 if the current trend does not overturn.
Cardano (ADA)
ADA is currently the 9th largest crypto by market cap. At the time of writing, the asset had recorded a 22% decline on its 24-hour price chart while it traded at $0.69. Fascinatingly, its 90-day return was still positive, with a 109% surge.
Based on its technical chart, ADA has plunged below a crucial resistance range of $0.72 and $0.73, with the possibility of declining further to $0.60. However, as indicated in our earlier discussion, successful dominance by bulls could see the asset hitting $3.
Ethereum (ETH)
The biggest altcoin in the industry, Ethereum (ETH), plunged below its $2,500 to $3,000 support range for the first time this year. In the last 24 hours, ETH has declined by 16%. Meanwhile, the price had marginally reversed its position to $2.58k at press time.
According to analysts, ETH could confirm a bullish reversal once it makes a decisive surge above its crucial psychological range at $3,430 and $3,560, as detailed in our last news piece.
