Crypto Majors Breach Support Levels as Global Tariff Shockwaves Ripple Through Markets
Amid mounting macroeconomic turbulence, the cryptocurrency market is experiencing a sharp downturn, with bitcoin slipping below $79,000 and major altcoins like XRP, ADA, and DOGE plunging more than 14%.
Global markets are grappling with the fallout from an escalating trade conflict, dubbed an “economic nuclear war” by billionaire investor Bill Ackman. The ripple effect has hammered sentiment across both digital assets and traditional equities.
XRP Breaks Down Below Key Support
XRP dropped to $1.90 in early trading, breaching a major support level at $2.00 — a line that had held strong through previous dips. The breakdown finalizes a bearish head-and-shoulders setup on the daily chart, signaling the potential for deeper losses.
Technical momentum has turned decisively negative. The 21-day EMA sits at $2.20, now acting as a ceiling after failed retests. Meanwhile, RSI hovers near the oversold threshold of 30, reflecting intensifying selling pressure.
ADA Loses Bullish Grip
Cardano’s ADA token is trading at $0.55, down 12% on the day and well below its 50-day SMA — a key level that had previously provided bullish footing. The break aligns with a descending triangle pattern that suggests ongoing bearish momentum.
ADA’s RSI has slipped to 38, and a bearish MACD crossover confirms weakening momentum. If sellers push prices below $0.50, the next significant support sits near $0.40 — a level that marked a bottom late last year.
To revive bullish hopes, ADA would need to reclaim $0.60 and establish it as support — a tall task in the face of global risk-off sentiment and a year-to-date crypto market cap slide of over 20%.
DOGE Slumps as Memecoin Mania Wanes
Dogecoin (DOGE), once buoyed by retail enthusiasm, has fallen to $0.16 — a nearly 15% drop in 24 hours. The memecoin lost support at $0.18, breaking out of a month-long consolidation range.
On the 4-hour chart, a death cross has formed as the 50-period SMA slips below the 200-period SMA — a classic bearish signal. RSI is currently oversold at 28, which could invite a short-lived bounce, but the 20-day EMA at $0.21 may prove difficult to overcome.
If the downtrend persists, DOGE could revisit December 2024 lows near $0.14.
