There wasn’t anything positive above the last 24-hours in the cryptocurrency space as the collective altcoin industry clocked in a loss of $15 billion. Top cryptos faced the brunt of the force with XRP, Chainlink, and Cardano witnessing significant drops. At the time of the press, there is active recovery taking place but the overall trend remains strong bearish at the moment.
XRP 1-hourly chart
XRP is currently nursing a long-term downtrend where the valuation has reached a monthly low in the charts. The token was valued at $0.275 at the moment, while the market capitalization was around $12.4 billion.
With a trading volume of $1.39 billion, XRP witnessed a negative return of 2.75% over the last 24-hours. Speaking about recovery, The assets’ Awesome Oscillator suggested that bullish momentum was rising up again in the charts as the green candles were evident in the analysis.
On the other hand, the Aroon indicator wasn’t so pricing friendly as the bearish crossover was attained between the orange line and blue line.
Chainlink hourly chart
One of the top performers of the year, Chainlink did not escape the bearish assault as well. Chainlink has been surprisingly uncorrelated to other crypto assets over the past few weeks, but the asset dropped alongside the industry, clocking in a 4.20% decline. For Chainlink, the valuation of $20 seems like a distant dream, as it is presently valued at $14.33 with a market capitalization of $5.05 billion.
In spite of the bearish situation, the MACD indicator for LINK indicated a bullish presence as the MACD line was observed to be above the signal line in the charts.
Chaikin Money Flow of CMF suggested a neutral stance between the capital coming in and going out.
Cardano hourly chart
Lastly, Cardano’s long-term decline continued at the asset facilitated a whopping 7.54% collapse. With ADA tokens, August hasn’t bee exactly exciting considering it rallied fervently during May-June 2020.
With Relative Strength Index or RSI suggestive of a recovery after the asset was over-sold, the selling pressure remains dominant in the market. Parabolic SAR offered a bit of relief, exhibiting a bullish turn with the dotted line observed under the candles.
With a market capitalization of $2.92 billion, Cardano maintained its position outside the top-10 at 11th.