- Many altcoins cannot resist the bears’ force and are still on a downtrend.
- The price of the altcoins dropped by 5-8% within 24 hours.
- A major altcoin, HNT, is reversing the downtrend and has a 3.85% increase.
Altcoins are following the bearish movements of crypto market leaders, Bitcoin and Ethereum. Many altcoins are still in a downtrend, but XRP is showing its reversal patterns and has been gaining pressure during the last three days. To our surprise, HNT isn’t following other altcoins for another bull train and is currently leading the bull market.
ADA/USDT and SOL/USDT 1-Hour Chart (Source: TradingView)
Solana and Cardano’s hourly chart shows that both coins are trading below the 200 MA starting from 13 September 2022, and the coins have been showing a downfall since then. The Cardano price was down by $0.074, and the Solana price was down by $7.71 since 13 September, 2022.
Cardano has a price decrease of 7.36% in 24 hours, and Solana has a price decrease of 5.86% in 24 hours. The RSI value of both coins is currently under 50, meaning more traders are selling these altcoins. For the long-term hodlers, they can search for opportunities to buy at a discounted price.
XRP/USDT and DOT/USDT 1-Hour Chart (Source: TradingView)
While Polkadot is still trading under the 200 MA and indicating a relatively bearish trend right now, XRP has gained its buying volume and is currently trading above 200MA. XRP fell under 200 MA on September 13, 2022, like the other altcoins, but then it broke out of the 200MA and rose higher since September 16, 2022.
According to CoinMarketCap, Polkadot has decreased by 8.44% in the past 24 hours, and XRP has decreased by 6.59% in the past 24 hours. DOT’s support lies at $6, and its resistance is $7.13. If we detect a reversal from the current support zone, DOT can reach $7. For XRP, the support area is $0.3230, and its resistance is $0.3686.
Although many altcoins are currently following the crypto market leaders’ trends, such as Bitcoin and Ethereum, one major altcoin has been gaining positive value lately. This coin is also trading above the 200 MA. The coin in question is none other than Helium token, HNT. Helium has been showing an increase of 3.85% within the past 24 hours, unlike the other altcoins.
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