In the last 24 hours to writing, at least more than 60% percent of all the cryptocurrencies in the top 100 are witnessing price decline. For some time now, Polkadot (DOT) and Cardano (ADA) have been more resistant to bearish actions caused by the BTC, but now all these coins are going down with little or no means to come back anytime soon.
Polkadot is one of the fastest-growing projects in the world of cryptocurrencies. The barely six-month coin quickly made its way to the top 100, climbed the ranking at a speed that has never been recorded, and is now the fourth-largest with a market cap of more than $14 billion.
At the time of writing, DOT is trading at $15.4 and is 18% short of its all-time high of $19.05. At this point, it is important to note that several indicators are pointing to a further decrease in the price of Polkadot. One of such indicators is On-Chain technical analysis by Tradingview. The indicator revealed more bearish actions in the past 4 hours. Additionally, the 4 hours RSI sinking further below 40; an indication that it’s heading to the oversold region and further price decrease.
ADA is the sixth by market cap and is also trailing the same path as DOT in terms of price actions. As with DOT, On-Chain analysis shows strong bearish action. In accordance with the On-Chain analysis, RSI is also on the decline and is heading to the oversold region. For now, prices will continue to decline until traders start to defend various support levels.
The $0.310 support level is vital to Cardano not dipping further. At the time of writing, ADA is trading at $0.311. Current indicators show that the price will dip more and may fall to $0.310 if traders don’t rally the current market. For a while now, traders have continually defended the 0.310 support level making it a very strong support level. This time will be no different as traders are gearing up to buy the dip.
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This article is Originally posted on CoinCentral.com
Author: Gideon Geoffrey