Over the past seven days, the global cryptocurrency market cap has declined by over $200 billion, with altcoins losing more than $20 billion in valuation within the last 24 hours. Despite a "multi-faceted" digital currency press conference held by U.S. Crypto Czar David Sacks on Tuesday, the market has yet to react positively.
According to Coingecko data, most assets in the top 100 by market capitalization failed to recover losses over the weekend, coinciding with trade tariff announcements.
Weekly Performance Overview
- All major crypto assets (excluding stablecoin USDT) traded in the red.
- Monday saw over $1 billion in liquidations, per Coinglass, though this dropped to ~$300 million by Tuesday.
Biggest losers:
- Ripple (XRP), Dogecoin (Doge), and Cardano (ADA) each dropped over 19% weekly.
XRP Struggles to Break Resistance
Ripple’s XRP faces strong rejection near $2.80–$3.00, failing to surpass $2.70 since February 1. This week, it dipped below $2 before a partial recovery. While demand exists, sellers dominate, pushing prices downward.
Key Levels to Watch:
- Support: $2.50 (critical hold), $2.00, $1.61
- Resistance: $2.70 (bullish momentum revival)
Analyst Egrag Crypto noted potential dips to $2.30, with $1.90 as a last defense. He suggested buying opportunities for traders anticipating rebounds.
"If XRP establishes support around $2.40, upward momentum could resume mid-to-long term."
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Dogecoin Under Heavy Selling Pressure
Doge fell 20.1% weekly (-30.59% monthly), though it retains a 236.20% yearly gain. Current price: $0.2653**, with resistance at **$0.28112.
Technical Indicators:
- RSI: 41 (attempting recovery from oversold conditions)
- MACD: Weak bullish crossover at -0.02175, signaling near-zero momentum
Outlook:
- 70% chance of further declines if $0.27439 support breaks, potentially targeting $0.26470.
- Resistance levels: $0.2811, $0.2888.
Cardano’s Downtrend Persists
ADA struggles to reclaim $2 despite recent rallies, trending toward its descending channel’s lower bound.
Critical Data:
- Support: $0.40 (mid-term)
- Monthly Range: $0.75–$0.977
- RSI: 77.98 (elevated, suggesting lingering bullish sentiment)
Analysts warn of continued correction unless ADA holds $0.40.
FAQs
1. What caused the crypto market crash?
A combination of macroeconomic uncertainty, trade tariffs, and profit-taking after recent rallies.
2. Is now a good time to buy XRP?
Dips to $2.30–$1.90 may offer entry points, but monitor support levels closely.
3. Will Dogecoin recover?
Short-term pressure remains, but its strong yearly performance hints at long-term potential.
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Final Thoughts
The market’s volatility underscores the importance of technical analysis and risk management. While altcoins like XRP, Doge, and ADA face headwinds, strategic dips could present opportunities.
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