A general decline is being observed in the cryptocurrency market, with the price of Bitcoin dropping to $64,550, representing a 7% decrease in the last day. As a result, major altcoins are also facing downward pressure, moving from their resistance levels towards the support areas. The performance of digital currencies like XRP, DOGE, and ADA Coin is being closely watched by investors due to their popularity among long-term investment enthusiasts.

Ripple’s XRP Coin Retreats Sharply

XRP Coin has retreated to its $0.58 support level, experiencing a 4% drop over 24 hours. Technical signals indicate a bearish trend, as the price has formed a symmetrical triangle pattern suggesting potential weakness ahead. While a recovery in Bitcoin could push XRP towards $0.74 resistance, achieving this seems challenging given the current market sentiment.

DOGE Struggles to Find Support

DOGE has failed to establish $0.19 as a solid support level, with the price falling to $0.184 after a significant percentage decline. Bears are now eyeing the 20-day EMA at $0.18, breaching which could lead to further drops towards the 50-day SMA at $0.14. Although a bullish scenario could take DOGE to resistances at $0.23, $0.3, and $0.33, this outcome appears unlikely at present.

ADA Coin Confronts Resistance and Bearish Market

ADA Coin's price has dropped to $0.58, primarily due to resistance at $0.68 and the prevailing negative market sentiment, resulting in a 6.42% loss for the day. The currency has been fluctuating between $0.57 and $0.68, with a potential breakout indicating a downward trend. If ADA Coin fails to hold its support, a decline to $0.46 could be imminent, while breaching resistance might propel it to $0.68.

Key Considerations - XRP's vulnerability to legal decisions could heighten market volatility. - DOGE could experience a significant price setback if $0.18 support is breached. - ADA Coin's price faces the risk of further decline if current support levels are broken.

The broader cryptocurrency market is currently experiencing a downturn triggered by Bitcoin's decline, impacting altcoin stability and investor confidence. Market participants are staying cautious as they navigate through this period of increased volatility and uncertainty.

This post originally appeared on BH NEWS: Bitcoin Downturn Leads to Widespread Weakness in Altcoin Market