Cryptocurrency prices experienced a massive sell-off this week due to several monetary and regulatory concerns. Bitcoin dropped below the significant support level of $25,000 while most altcoins erased their 2023 gains, including XRP, Hedera Hashgraph, and Stacks.
XRP has formed a double-top pattern on the daily chart, indicating that bears are gaining traction. The neckline of the double-top pattern is at $0.4075, the lowest level on May 11. The Relative Strength Index (RSI) and the Stochastic Oscillator both indicate that the coin is in a bearish state. Therefore, the outlook of Ripple is bearish, with the next target being the neckline of the double-bottom pattern at $0.4075.
Hedera Hashgraph is a major blockchain project that seeks to become a good and faster alternative to Ethereum. This week, HBAR price dropped below the important support level at $0.0542, the lowest level on March 10th. The Relative Strength Index (RSI) is still falling, suggesting further downside. Therefore, the next key support level to watch is $0.035, which is about 18.5% below the current level.
Stacks price is also in a bearish trend. It has moved below the lower side of the descending channel, the 25-day and 50-day EMA, and the 61.8% Fibonacci Retracement level. STX has also broken the psychological level of $0.50, suggesting that the coin is likely to continue falling as sellers target the next level at $0.35.
