Bitcoin and Ethereum prices are depleting hard, shedding almost all the gains incurred in the past 24 hours. The entire crypto space appears to follow a similar trend testing the lower support levels very soon. While ADA price is 76.16% beneath its ATH, SOL price is 68.33%, DOT price is 69.55% and AVAX price is 50.56%.
With the steep bearish trend prevailing, how fine will these tokens compete with Ethereum in the upcoming days?
Cardano’s price is extending the huge descending triangle by expanding the apex from the past month. No doubt the price has pierced through the strong support levels at $1.01, yet discovered new support at $0.781. Currently, all the attempts are failing miserably while the price is expected to form lower lows. As the stagnant trend of the ADA price has let out many traders and hence only a steep flip or a rebound may bring back the lost interest.
Solana’s price gained massive attention with its gigantic rise from just $20-$30 to as high as above $250 in a very small time period. However, ever since then the traders have only preferred to extract their profits as no notable upswing is recorded. The asset recently broke down from the symmetrical triangle and is heading towards the lower support at around $70.34. No doubt it may not slide down towards these levels easily but the market sentiments may drag it very soon.
Polkadot appears to be in a slight strong position as it’s holding one of the support levels pretty strong at $16.83. Therefore, despite the bearish market sentiments, the DOT price displays the possibilities of flipping from the current support. At the press time, the DOTprice is reaching the apex of the descending triangle in the higher time frame. And hence a significant plunge may make its way but a quick recovery may also avoid huge corrections.
Compared to all the other Ethereum killers, Avalanche possesses more strength in its rally. Despite a huge plunge, the asset appears to be in a fine position that keeps the price within a safe zone. The AVAX price constantly tests the trend line and sometimes successfully breaches through these levels. Woefully, it results to be yet another fake-out. But with the upcoming flip, the price may showcase huge bullish momentum as the trend is flipped from being bearish to an ascending triangle.
Collectively, the popular Ethereum killers are currently accumulating huge gains to propel towards new highs soon. While Avalanche(AVAX) price is expected to plunge hard, the other tokens are also expected to face similar consequences. Moreover, if the Cardano(ADA) price fails to sustain at the next support, then the bearish trend may prevail for a longer time.