As the cryptocurrency market continues to rapidly develop under the leadership of Bitcoin (BTC) and Ethereum (ETH), new-generation altcoins have started to emerge. The rise of new projects has negatively impacted the popularity and price performance of older and more established altcoins. Notably, established altcoins like Cardano (ADA), XRP, and Polkadot (DOT) seem to have lost investor interest, which may lead these altcoins into a deep consolidation phase.
Cardano (ADA) Price Analysis: Pessimistic Outlook
Cardano, after experiencing a brief rise in 2024, has been under intense selling pressure since its peak above 3 dollars. ADA is currently in a downtrend, which is also reflected in technical indicators. Specifically, ADA’s price is currently near the peak of a descending flag formation, which could indicate a significant price movement ahead.
Technical analysis indicators are giving mixed signals; while the MACD indicates a potential rise, the negative OBV suggests that the price could rise to 0.4 dollars or fall below 0.3 dollars.
XRP Price Analysis: Uncertainty Continues
XRP, after experiencing a strong rise in the first quarter of the year due to positive developments with the U.S. Securities and Exchange Commission (SEC), failed to maintain the expected stability and did not reach the 1 dollar target.
XRP is currently moving within a downtrend channel and may soon test the intermediate support level at 0.5 dollars. The downward movement of the DMI indicator signals that the price could fall further.
Polkadot (DOT) Price Analysis: Warning Signs
Polkadot, after losing all its gains from the last quarter of 2023, is currently trying to hold above the 4.5 dollar level. However, the current market structure increases the likelihood of DOT falling below 4 dollars.
Technical analysis on the weekly timeframe shows that DOT is preparing to retest its low levels. The downward trend of the RSI indicates that the price could fall to the 3.75 to 3.68 dollar range, attracting strong liquidity at this level.
