Altcoin tumble: Outlining Tuesday’s top losers
Most top coins from the crypto space had shed a fair share of their respective valuations during the…
Most top coins from the crypto space had shed a fair share of their respective valuations during the early hours of Tuesday. However, by mid-day, the market had started cooling down and the coins were seen making up for their losses.
Bitcoin managed to shrug off the bearish sentiment on the daily time frame and had already entered into the green territory. Trading at $37.5k at the time of press, the market’s king-coin had noted an 0.18% uptick when compared to the previous day. Its weekly losses, however, continued to revolve around 15%, indicating that it was not yet out of the woods.
The altcoin leader, Ethereum, was in a fairly similar position. However, XRP and Cardano were the top alt losers, for they had depreciated by 8% and 5% respectively.
Source: CMCXRP
XRP was trading at quite a critical juncture at the time of the press. As can be noted from the chart attached below, the $0.7 level acted as a support during the first two weeks in January and briefly stopped the token from tumbling. Currently, XRP is trading around the same range.
If XRP manages to hold back, then it would be able to put a cap on its losses. A failure to cling on to the said level could push back XRP to the region [around $0.59] where it consolidated during the late-January, early-February period.
Source: TradingViewCardano
Cardano seemed to be in a much trickier position at the time of press. A couple of days back, the token lost its crucial $1 support lifeline, as a result of which, it started trading around its 2021 late-February levels of $0.8.
To aggravate the wounds further, ADA has also been trading below its 50 and 200 day moving averages – another sign of weakness. Despite the wobbly price environment, it should be noted that Cardano’s fundamentals continue to remain undeterred and vouch for a bright long-term future.
Source: TradingViewApart from the aforesaid altcoins registering losses, Solana also had depreciated by 4%, making it Tuesday’s third-largest daily loser.
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