With the exception of perhaps Ethereum, the rest of the altcoin market was already on a steady downtrend before Bitcoin fell on the back of Tesla suspending BTC payments. Following the same, the said downtrend became even steeper, with the likes of XRP and Dogecoin continuing to bleed losses. On the contrary, others such as Cardano had recovered most losses by press time.
XRP’s recovery since its freefall on the back of the SEC filing a lawsuit against Ripple Labs has been incredible, with the crypto noting YTD gains of 435% at press time. This figure, however, was much higher until a few days ago before the downtrend set in. The same gathered even more pace on the back of BTC depreciating. At the time of writing, XRP had lost over 20% of its value in just a week.
With trading volumes found to be average at best, a bullish switch cannot be expected in the near term unless something drastic happens.
The bearish turn of events was evidenced by the findings of the crypto’s technical indicators. While the Parabolic SAR’s dotted markers were found to be placed above the price candles, the Awesome Oscillator pictured a fall in market momentum.
XRP was in the news recently after Ripple’s Garlinghouse suggested that he was happy, but frustrated with how the aforementioned lawsuit is going.
Contrary to popular expectations, the last few days haven’t been great for the DOGE community, with many in the market left lukewarm by Tesla CEO Elon Musk’s appearance on a recent episode of Saturday Night Live. In fact, Dogecoin has been on a downtrend since, with the meme coin depreciating by over 40% in less than a week.
DOGE’s Bollinger Bands were still fairly divergent, at press time, a sign of some price volatility being projected. The market’s bearishness was perhaps best represented by the Relative Strength Index, with the same dipping sharply towards the oversold zone on the charts.
Here, it’s worth noting that DOGE’s performances have also fueled discussions on what would be a good profit-taking level, especially since most DOGE holders are looking for short-term ROIs.
Cardano, the cryptocurrency ranked sixth on CoinMarketCap’s charts, was an anomaly at the time of writing. Like XRP and DOGE, ADA too fell on the back of Bitcoin’s fall to $50,000 on the price charts. Contrary to the two, however, ADA, at press time, had recovered almost all of its losses in the last few hours. Thanks to its recovery, the alt was also less than 5% away from its ATH – A level it hit less than 4 days ago.
While the MACD line was continuing to surge north of the Signal line above the indicator’s histogram, the Chaikin Money Flow was holding firm close to 0.20.