3 Altcoins That Traders Have Lost Hope In-Will Prices of ADA, XRP, & DOT Ever Replicate 2021 Rally Again?

The post 3 Altcoins That Traders Have Lost Hope In-Will Prices of ADA, XRP, & DOT Ever Replicate 2021 Rally Again? appeared first on Coinpedia Fintech News

After Bitcoin & Ethereum, the crypto space has witnessed the emergence of new altcoins, which has expanded the use cases. With the emergence of AI, RWA, MEMES, and many more, primitive tokens like Cardano (ADA), Polkadot (DOT), and XRP appear to be trading underneath them. Therefore, it appears that market participants have also moved on over these tokens and hence they may remain under deep consolidation for a prolonged period. 

Cardano (ADA) Price Analysis

Cardano price has been trading under extreme bearish pressure ever since the token marked new highs above $3. However, the bulls tried hard to break the trend by validating a strong upswing in 2024, but the bearish action revived, which placed the token in its initial price zone. Currently, the ADA price is approaching the apex of a bearish consolidation, which could haunt the rally ahead. 

As the above chart displays, the ADA price has reached the apex of a bearish flag, which is expected to demonstrate massive price action. The OBV is bearish, but the MACD shows the possibility of a bullish reversal. Therefore, if the price triggers a rebound, it may reach close to $0.4; otherwise, a drop could drag the levels below $0.3. 

XRP Price Analysis

The XRP price showed signs of a bullish upswing in the first few weeks of the year. Moreover, a couple of positive news stories related to its settlement with the SEC had positively impacted the rally. The volume also remained within a decent range, suggesting the decent involvement of the traders. Despite this, the price has failed to maintain a stabilized upswing, which is required to reach $1 in 2024. 

Ever since the rejection, the price has traded within a bearish descending parallel channel, failing to breach the upper resistance. Moreover, both the bulls and bears have remained passive in the past couple of days, regardless of a minor rise from the average bands of the channel. Besides, the DMI is neutral but heading towards the south, flashing a bearish possibility for the token. Therefore, the XRP price appears to have geared up to re-test the interim support at $0.5 before the next move. 

Polkadot (DOT) Price Analysis

Polkadot is just close to losing all the profits incurred during the rally that started during Q4 2023. The bulls are trying hard to hold the price above $4.5 but the current trade setup suggests the token is poised to drop below $4 in the coming days. However, the levels around $3.6 are the last point of defence, and a drop below these levels may push the DOT price into a prolonged consolidated phase. 

The weekly chart of Polkadot suggests the price is preparing to test the bottom again, regardless of the growing bullish attempts. After the price broke down from the descending trend line, which acted as a strong support, the likelihood of plunging below $4 surged. Moreover, the RSI is bearish and heading towards the lower threshold, which suggests the bearish consolidation may end with a rebound in the levels. Hence, the DOT price is believed to drop below $4 and test at $3.75 to $3.68, which may attract significant liquidity and propel a strong rise.