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