Global crypto market cap was $ 1.52 trillion, down 2.9% from last day. The market capitalization of the major alts also fell. XRP fell out of the overvalued territory today and buying pressure eased significantly as of press time, while ETH showed signs of volatility.
XRP was trading at around $ 0.62 at press time. The coin fell nearly 4% in the past 24 hours and the trading volume fell 34.76% in the past 24 hours. The drop in trading volume indicated less buying pressure, as evidenced by the 4-hour technical analysis charts.
Relative Strength Index a sharp drop emerged straight out of the overbought area, suggesting panic selling may have occurred. Chaikin money flow also saw an increase in capital outflows at the time of going to press.
Average direction index moved south as seen at press time; it was below the 40 mark, which indicates the current market weakness due to the price decline.
Cardano was trading 6.7% lower at $ 1.25 in the last 24 hours, and last week ADA was trading 11.7% higher. The coin was nearly 50% below its all-time high at its current price. As of press time, ADA was trading in the green with a slight rebound on Relative Strength Index as the uptrend found, this meant an increase in buying pressure.
If prices pull further back, the level of support to look out for could be at $ 1.21. Squeeze momentum indicator showed a squeeze release, suggesting that market volatility could be expected in the future. The dotted lines of the of Parabolic SAR had arranged above the candlesticks which meant the price was in a downtrend.
The market capitalization of ETH has fallen by 4.91% since yesterday. Bollinger bands showed a convergence, which means that despite volatility, no major price movements are to be expected.
Squeeze momentum indicator signaled a squeeze release and an indication of a long buy. If prices rise, the immediate resistance level that could be tested would be at $ 2390, and on the other hand, the support level would be at $ 2160 and then at $ 2117.
As the market looked relatively bearish compared to yesterday, MACD a bearish crossover flashed in the early hours of July 27th. Since the crossover, the red histograms seemed to indicate the presence of bears in the market.