Amid intensified bearish sentiment in the crypto market, Bitcoin price has repeatedly failed to hold its value above the $60000 level.
Amid the intensifying bear market in the crypto industry, Bitcoin price has failed to maintain its value above the $60,000 level on several occasions. This has led to a similar price action among the top altcoins, causing them to break down their important support levels.
In light of the present market sentiment, XRP and ADA cryptocurrencies have garnered significant attention. This has led to a surge in queries such as “XRP or ADA, Which will hit $1 first?”
Continue reading to discover the market and social sentiments, price analysis, and potential short-term price targets of Ripple (XRP) and Cardano (ADA) crypto tokens in this article.
Does XRP Price Hint At A Potential Breakdown?
The Ripple price has declined 7.57% over the past week and 12.89% during August despite the altcoin’s remarkable victory against the Securities and Exchange Commission (SEC). This indicates a rising uncertainty for XRP in the crypto space.
The Relative Strength Index (RSI) continues to hover close to its neutral point in the 1D time frame. Moreover, its average trendline records a constant flatline. This indicates a weak buying and selling pressure for the Ripple price in the crypto market.
If the price manages to hold above its support level, XRP coin price could prepare to head toward its resistance level of $0.630 over the upcoming weeks. On the other hand, if the bearish action intensifies, the price could be pulled toward its low of $0.4880.
ADA Coin Price Tests Its Crucial Support Zone
The Cardano price has continuously lost momentum by dropping approximately 2% within the past day and 11.48% over the past week. Furthermore, it has plunged 12.09% during August and has a YTD return of -41.36%. This highlights a long-term bearish sentiment for this altcoin.
The Moving Average Convergence Divergence (MACD) has displayed a constant decline in the green histogram with its averages showing a high possibility of a bearish convergence in the 1D time frame. This suggests a negative outlook for the ADA coin price in the coming time.
If the market regains momentum, the Cardano token will break out of its channel pattern and prepare to test its resistance level of $0.4075. On the flip side, if the bears continue to dominate the crypto space, this altcoin could record a new yearly low.
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