What to Know:
- XRP is nearing a death cross, potentially signaling further price declines.
- Ethereum is testing crucial support levels that could determine its short-term trajectory.
- Cardano’s technical structure shows a complete death cross alignment, indicating significant bearish momentum.
The cryptocurrency market is currently facing bearish pressures, with XRP, Ethereum, and Cardano showing signs of potential further declines. XRP is on the verge of a death cross, while Ethereum is testing critical support levels. Cardano’s technical structure suggests a deep-seated loss of momentum.
A death cross is imminent for XRP if bearish trends persist, potentially driving further sell-offs. The token is struggling to maintain recovery above $2.50, reinforcing a bearish structure that has been forming since August. Increased selling pressure from whales further contributes to this negative outlook, suggesting institutional traders anticipate a more significant correction.
Ethereum is at a crucial juncture, testing what could be its last defense before a significant drop towards the $2,000 level. Having lost its 200-day moving average, market sentiment has turned pessimistic, increasing the risk of deeper losses. A short-term recovery towards $4,000 is possible if bulls can hold the $3,500-$3,600 range and move ETH back above $3,800.
Cardano is exhibiting concerning warning signs, with its Relative Strength Index (RSI) indicating extremely oversold conditions. The asset’s entire technical structure is deteriorating, with all major exponential moving averages aligned in a complete death cross. Volume analysis supports the bearish case, showing that sellers remain in control.
Source: Original article
