A wave of sharp selloffs hit major altcoins on Monday, with XRP, Cardano, and Dogecoin all plunging below crucial technical support levels amid intensifying macroeconomic stress.
The broader crypto market slid in tandem, as Bitcoin fell below $79,000 and top tokens posted average losses of 14%, driven by growing concerns over what some analysts are calling an "economic nuclear war" triggered by escalating global tariffs.
The market-wide downturn follows comments from hedge fund manager Bill Ackman, who warned of deepening financial instability amid geopolitical friction. As global equities slump, crypto assets have not been spared, with technical charts flashing multiple bearish signals across major tokens.
XRP dropped to $1.90, losing 14% in 24 hours and violating the crucial $2.00 support zone - a level that had held since early March. The break confirms a head-and-shoulders pattern on the daily chart, typically seen as a sign of potential further downside.
Indicators remain firmly bearish. The 21-day EMA at $2.20 is now acting as resistance, while the RSI has fallen to 30 - just above oversold territory - highlighting strong selling momentum. Unless XRP reclaims $2.00 quickly, bears could remain in control.
Cardano’s ADA token dropped 12% to $0.55, breaching its 50-day simple moving average that had served as support since mid-March. This breakdown fits within a larger descending triangle pattern, further confirming bearish momentum.
The RSI at 38 suggests increasing downside pressure, while the MACD confirms a bearish crossover. The next critical support lies near $0.35, a level last seen in late 2024. If bulls can’t reclaim the $0.60 zone soon, ADA could slide another 30%.
Still, recovery faces macro-level resistance. Tariff-related uncertainty and a 20% crypto market cap decline YTD are creating unfavorable conditions for bullish reversals.
Dogecoin (DOGE) is down 15% to $0.16, collapsing below the $0.18 support that anchored a month-long consolidation. The 4-hour chart shows a death cross, with the 50-SMA crossing under the 200-SMA - a textbook sign of trend reversal.
DOGE’s RSI sits at 28, deep in oversold territory. While that may hint at a short-term bounce, overhead resistance at $0.21 (20-day EMA) is expected to cap upside potential. Should the downturn continue, $0.14 - its December 2024 low - could be the next key level to watch.
Crypto markets are under pressure as macroeconomic fears intensify, and technical charts show no immediate signs of relief. With XRP, ADA, and DOGE all breaching key supports and momentum indicators leaning bearish, the coming days could determine whether this pullback turns into a broader market correction.