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The global crypto market cap was $1.52 trillion, down 2.9 percent from the previous day. The market capitalisation of major altcoins has also fallen. At press time, XRP had exited the overvalued territory, and buying pressure had significantly decreased, whereas ETH had shown signs of volatility.
At the time of publication, XRP was trading around $0.62. The coin fell by nearly 4% in the last 24 hours, while trading volume fell by 34.76%. The drop in trading volume suggested lowered buying pressure, according to the 4-hour technical analysis charts.
The Relative Strength Index showed a sharp drop straight out of overbought territory, implying that panic selling may have occurred. At the time of publication, Chaikin Money Flow had also recorded an increase in capital outflows.
As of press time, the Average Directional Index had moved south, falling below the 40-point threshold, indicating current market weakness due to price declines.
Cardano traded 6.7 percent lower at $1.25 in the last 24 hours, while ADA traded 11.7 percent higher in the previous week. The coin’s current price was nearly 50% lower than its all-time high. At press time, ADA was trading in the green, with the Relative Strength Index showing a slight recovery as the uptick indicated an increase in buying pressure.
If prices retrace further, $1.21 could be a key support level to watch. The Squeeze Momentum Indicator showed a squeeze release, indicating that market volatility could be expected in the future. The dotted lines of the Parabolic SAR had formed a pattern over the candlesticks, indicating that the price was in a downward trend.
Since yesterday, the market capitalisation of ETH has fallen by 4.91 percent. The Bollinger Bands showed convergence, indicating that, despite volatility, no significant price movements are expected.
The Squeeze Momentum Indicator indicated a squeeze release and a long purchase. If prices rose, the immediate resistance level that could be tested would be $2390, while the support level would be $2160 and then $2117.
In the early hours of July 27, the MACD signalling a bearish crossover, indicating that the market was still bearish compared to yesterday. Since the crossover, the red histograms have appeared to indicate the return of bears to the market.