- ADA, SOL, MATIC, SHIB and DOGE laid two daily red candles consecutively.
- Polygon (MATIC) recorded its one-year-low whereas SHIB hits a two-year-low.
- The cryptocurrency market declined 5% in the last 24h to its 2-month-low.
The global cryptocurrency market dropped 5% over the last 24 hours, displaying the wild crashes of altcoins. Among them, Cardano (ADA), Solana (SOL), and Polygon (MATIC) recorded alarming price drops. Memecoins — Shiba Inu (SHIB) and Dogecoin (DOGE) — were also spotted on the list of cryptocurrencies that displayed startling losses.
On Friday, the renowned crypto and stock trading platform Robinhood announced its decision to delist these 3 cryptocurrencies that SEC claimed as securities. Let us decode the extremely negative downtrend of SOL, MATIC, and ADA. Additionally, let us also look into the staggering price actions of SHIB and DOGE.
Solana (SOL)
Solana (SOL) exhibited a maximum 24-hour loss of 27.47%. Pulling up two consecutive daily red candles, SOL bottomed to its 5-month-low — at $12.80 during the Asian morning hours.
As per data from TradingView, at the time of analysis, the RSI of SOL was 23.05, confirming its stance in the oversold zone.
Polygon (MATIC)
Polygon (MATIC) dropped by 24.71% in the last 24 hours, displaying its deep foray into the red bearish zone. MATIC hit its one-year low at $0.5089 during the Asian morning hours.
After laying two consecutive daily red candles, the oversold MATIC traded at $0.5875 at press time, as per CoinMarketCap.
Cardano (ADA)
Cardano (ADA) displayed a fall of 24% over the past day. The crypto had marked its new 5-month-low at $0.22. ADA is currently in an extremely oversold state, as its relative strength index (RSI) was 16.55.
According to CMC, at the time of writing, the price of ADA was $0.2405.
Shiba Inu (SHIB)
Shiba Inu (SHIB) fell 21.85% in the last 24 hours. Shockingly, SHIB tanked down to its 2-year-low. As per TradingView, the memecoin marked its new low at $0.00000543.
SHIB confirms its oversold state with its RSI of 16.78, as recorded during analysis. At press time, Shiba Inu traded at $0.000006204.
Dogecoin (DOGE)
The dominant memecoin Dogecoin (DOGE) declined by 11.79% over the past 24 hours. DOGE recorded its 11-month-low at $0.053 during the Asian morning hours.
One distressing thing to be noted is — despite Elon Musk, the so-called Dogefather, tweeting about Doge, Dogecoin’s price continued to be under the spell of bears. At press time, DOGE traded at $0.05976 with no hint of reversal.
Meanwhile, BNB Coin (BNB) and XRP — the two other victims of the SEC’s regulatory crackdown — exhibited notable price drops. At press time, BNB was down 8.4% trading at $236.1. Per contra, XRP fell 6.58% to trade at $0.487.
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