Bitcoin [BTC] fell below $80k and retested its March lows of $76k after hotter-than-expected Trump tariffs, sparking sell-offs across traditional markets, major altcoins, and memecoins.
Amid the macro uncertainty, BTC’s dominance surged to 63%, capping altcoins’ recovery as investors rotated capital to Bitcoin. Will top majors like ETH, SOL, ADA, XRP, or memecoins record relief?
ETH, XRP, ADA, XRP price analysis
For Etherem, short-sellers are now firmly in charge, with the RSI in oversold territory. While this could also suggest a likely reversal, ETH has suffered from a strong negative sentiment. This has dragged the ETH/BTC ratio to a 5-year low.
If bulls fail to hold above $1.5k, ETH could range between $1K-$1.5k in the short to medium term. However, only a move above 200WMA (weekly moving average) of $2.4k could reinforce bulls’ leverage again.
Solana also lost its 2024 yearly support of $120, giving short sellers more market edge. It dipped to $100 for the first time since early 2024, bringing losses to 67% from its peak of $295.
If the broader weak sentiment persists, the early 2024 price range of $80-$120 and the 200WMA (weekly moving average) of $94 would be key levels to watch in the short term.
Surprisingly, only Cardano [ADA] and XRP held part of their U.S election gains. Worth noting, however, that they are still at risk of erasing the remaining gains.
XRP still holds 220% gains since the U.S elections. However, it dropped below $1.9 – A level that Peter Brandt warned could validate a bearish head-shoulder pattern and drag XRP to $1.0. The weak demand in March, per the RSI, and muted volumes, according to the OBV, corroborated Brandt’s outlook.
Even so, Brandt’s projection might be validated only if XRP short sellers breach the trendline support (white) or the bullish order block (cyan) at $1.5.
For Cardano, capital inflows and demand slowed down in April after a slight recovery in March. As such, if sellers crack below the trendline support, a drop towards the pre-U.S election level below $0.40 might be likely.
However, most of the top majors’ RSIs were in the oversold zone, which could reverse in case of positive catalysts.
That being said, speculative interest in memecoins was hit hardest by investors’ risk-off mode. According to Coinglass data, Open Interest (OI) in the sector dropped by 20% and was ranked 11th in the last 24 hours.
Investors should track updates on Trump’s tariffs, as they could impact inflation, Fed rate cut expectations and assets’ price direction in the medium term.
