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Weekend Price Forecast for Cardano, Ripple, And VeChain
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简介Cardano, Ripple’s XRP, and VeChain sank after Bitcoin’s price crash impacted the altcoin...
Cardano, Ripple’s XRP, and VeChain sank after Bitcoin’s price crash impacted the altcoin market
Cardano, XRP, and VeChain have all recorded double-digit losses in the past 24 hours. ADA/USD is down 15%, while XRP/USD and VET/USD have declined 21% and 24% respectively.
XRP has dropped the most over the past week with 38% in losses, while Cardano is down 27% since its weekly top. VeChain is also in the red, trading around 5% off its peak this past week.
While a rebound for BTC is likely uplift these altcoins, one analyst predicts more pain for the broader altcoin market.
Alts are more volatile than $BTC. If $BTC saw SEVEN 20-40% drops in 2017 on the road to 20k, 50% or more drops on alts should be expected. I know it sounds absolutely and positively insane, but it's normal. You'll get used to it 🙂
— Credible Crypto (@CredibleCrypto) April 23, 2021
Cardano Price
Cardano has traded lower since peaking at $1.55 on 14 April. The downward flip has seen the cryptocurrency break below major support levels at the 20-day EMA ($1.23) and 50 SMA ($1.20).
Although bulls have tried to buy the dip, bears have been relentless and pushed as low as $0.92.
The short term remains negative as suggested by the sloping divergence of the RSI and the moving averages.
If prices push lower again, support could be found at $0.80 and $0.69. On the upside, immediate resistance lies at $1.20 and $1.28.
Ripple Price
XRP/USD has rebounded above $1.00 after declining to lows of $0.86. The pair continues to trade with a bearish outlook though. The technical indicators put bears in charge on the daily chart.
The downside could see XRP/USD drop to the 50 SMA ($0.82). Further targets for sellers could be at $0.77 and $0.50 before bulls bounce into the picture.
The current price level is just above the 61.8% Fib retracement level of the swing high to $1.96 near $1.03. If bulls buy the dip and swing higher, the immediate resistance is at the 50% Fib level ($1.21). Targets above $1.50 remain legitimate, with a potential bullish reversal if the price breaks above the 23.6% Fib level.
VeChain Price
VeChain price is looking to recover above key support at $0.16 after a sell-off past the 20-day EMA ($0.21).
Although bulls are trying to purchase on the low, the 4-hour chart suggests bears are still in control. The MACD has crossed below the signal line, while the RSI remains negative.
The key price level to watch is $0.20 on the upside and $0.15 on the downside. For the former, a breakout could take prices to highs of $0.25. The contrary view would be for bears to revisit the psychological $0.10 level.
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