Ripple (XRP), Cardano (ADA), and Sui (SUI) come back to major support: Altcoin market analysis
Leading altcoins $XRP, $ADA, and $SUI have all come back to major support. Will this support hold, and can these altcoins bounce back?
$XRP flips support into resistance
Source: TradingView
Looking at the $XRP price on the daily time frame it can be seen that it has confirmed below the $1.96 horizontal level. This means that it has been flipped into resistance, and that the price could continue to break down from here.
In support of the bulls, the wick all the way down to $1.60 on Monday served to test the 0.618 Fibonacci level for the entire price action in the chart above. Once it got there, it was bought back up very quickly, leaving a bullish long wick behind it.
Lack of major support below $XRP
Source: TradingView
The weekly time frame for $XRP shows a series of steps down to support levels. Given the rapidity of the rise in the price of $XRP, there is not a great deal of price structure supporting these horizontal levels. Therefore, if there was another very substantial price crash across the stock market and crypto, there is quite some distance to drop each time $XRP were to fall through a level.
That said, the $XRP price has fallen around 35% over the last three days, so it might be expected that $1.62 does now become a good support.
$ADA bulls have a big mountain to climb
Source: TradingView
The $ADA price is at a big support level and the bulls will need to hold here. There is more good horizontal support down at $0.45, but if this is still a bull market, for a leading cryptocurrency such as $ADA to be this far down from its highs is not good. Any lower falls in price will just make a lower low, and with a failed rally already in evidence, there is a long way for $ADA to go in order to restore lost confidence.
$SUI has well-defined support and resistance levels
Source: TradingView
The macro picture for $SUI looks fairly clear. Strong horizontal support has been found at $1.91, and the price is currently bouncing from there. Up above, $2.35 has become the major resistance level. With not too much in between support and resistance, it may be that the price bounces around from one to the other, until the macro-economic picture changes.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
