Amid intensified bearish sentiment in the crypto market, Bitcoin price has repeatedly failed to hold its value above the $60,000 level. Following this, top altcoins have recorded a similar price action by breaking down their important support levels.
With the present market sentiment, XRP and ADA cryptocurrencies have gained significant attention. Following this, question like “XRP or ADA, Which will hit $1 first?” have experienced increased volume.
Scroll down as, in this article, we have covered the market and social sentiments, price analysis, and potential short-term price targets of Ripple (XRP) and Cardano (ADA) crypto tokens.
XRP Price Hints At A Potential Breakdown?
Despite a remarkable win against the Securities and Exchange Commission (SEC). The Ripple price has dropped 7.57% over the past week and 12.89% during August. This indicates a rising uncertainty for this altcoin in the crypto space.
The Relative Strength Index (RSI) continues hovering close to its neutral point in the 1D time frame. Further, its average trendline records a constant flatline. This indicates a weak buying and selling pressure for the Ripple price in the crypto market.
Maintaining the price above its support level could set the stage for the XRP coin price to head toward its resistance level of $0.630 during the upcoming weeks. Conversely, intensified bearish action could pull the price toward its low of $0.4880.
ADA Coin Price Tests Its Crucial Support Zone
The Cardano price has constantly 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.
Credit: Source link