For the crypto market, the price action of Bitcoin is extremely crucial. Most altcoins tend to follow Bitcoin’s price movement rather closely. In the past 24-hours, Bitcoin’s price dipped by over 2 percent taking the king coin’s price to $8974 with a 24-hour trading volume of $7.2 billion.
Source: CoinStats
As Bitcoin fell below the $9k mark, popular altcoins like XRP, Ethereum Classic, and Dogecoin also took a hit with up to 12 percent price drops in the past few days.
XRP
Source: XRP/USD, TradingView
During the course of the past 48-hours, XRP’s price fell by over 8 percent bringing its current trading price to $0.174. At press time, XRP had a market cap of $7.8 billion and a 24-hour trading volume of $1.2 billion. If the downtrend continues XRP is likely to test support at $0.171. However, if bullish momentum were to rescue the coin, it may end up heading towards its immediate support at $0.194.
EMA ribbons for XRP have positioned itself above XRP’s current trading price and may offer resistance. MACD indicator signalled a price drop after having undergone a bearish crossover.
Interestingly, XRP noted a dip in dominance in Japan. Monthly XRP dominance was 51.36% in 2018 how February 2020 saw XRP’s dominance drop to 27.54%.
Ethereum Classic [ETC]
Source: ETC/USD, TradingView
Ethereum Classic is one of the other popular altcoins that saw a substantial price drop in the past few days. At press time, ETC was being traded at $5.6 and has registered a market cap of $651 million. Since 26 June, ETC’s trading price depreciated by over 10 percent and is now very close to support at $5.2. If a trend reversal were to occur, ETC may find resistance at $6.9.
Bollinger Bands for ETC continue to remain fairly wide, indicating significant volatility. RSI indicator has now plunged deep into the oversold zone, a sign of strong bearishness for ETC’s price.
Dogecoin [DOGE]
Source: DOGE/USD, TradingView
Popular meme-coin, DOGE endured similar price action as the above altcoins. The price fell by over 12 percent bringing the trading price of Dogecoin $0.0022. For Dogecoin there is a previously tested support at $0.0019 and strong resistance at $0.0026.
MACD indicator has undergone a bearish crossover and signaled the possibility of Dogecoin’s price enduring a further price drop. RSI indicator echoed a similar sentiment after plummeting into the oversold zone.
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