Major crypto assets faced declines on Tuesday as the cryptocurrency market experienced a significant shake-up.
Ethereum (ETH) saw its value drop by 6% during market trading, reversing gains from the previous week. The asset now faces a crucial support level, and if it fails to sustain its position above the lower support line of its current symmetrical triangle formation, it risks plummeting down to the £3,000 mark.
Cardano (ADA) also dipped by 2% as investors locked in recent profits following the asset’s strong performance. Despite the downturn, large-scale investors are showing confidence by accumulating more of the cryptocurrency. Such activity is often seen as a bullish signal, potentially paving the way for Cardano’s rebound in the near future.
Meanwhile, Dogecoin remains in a state of consolidation, trading below the £0.40 mark. This stagnation comes in the wake of French President Emmanuel Macron’s accusations concerning election interference linked to Elon Musk. The unfolding situation has spurred traders into action, with over £1.2 billion in new positions initiated within a day. Market observers are now eagerly watching to see whether DOGE will soar toward the £1 milestone or face a downturn to £0.30.
As cryptos oscillate between breakout potential and downward pressure, traders are keenly monitoring these developments, looking for signs of the next significant market move.
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