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- ADA, SOL, MATIC, SHIB and DOGE experienced two consecutive daily declines.
- Polygon (MATIC) reached its lowest point in a year, while SHIB hit a two-year low.
- The cryptocurrency market fell by 5% in the past 24 hours, marking its lowest level in two months.
The global cryptocurrency market experienced a 5% decline in the last 24 hours, reflecting significant downturns among altcoins. Notably, Cardano (ADA), Solana (SOL), and Polygon (MATIC) faced severe price reductions. Additionally, memecoins such as Shiba Inu (SHIB) and Dogecoin (DOGE) were also among the cryptocurrencies that reported substantial losses.
On Friday, the well-known trading platform Robinhood announced its intention to delist these three cryptocurrencies, which the SEC has categorized as securities. This report will analyze the pronounced negative trend affecting SOL, MATIC, and ADA, as well as the significant price movements of SHIB and DOGE.
Solana (SOL)
Solana (SOL) recorded a maximum loss of 27.47% over a 24-hour period. Following two consecutive daily declines, SOL reached a five-month low of $12.80 during the morning hours in Asia.
Solana (SOL) 24H Price Chart (Source: TradingView)
According to TradingView data, at the time of this analysis, SOL’s RSI was 23.05, indicating it is in the oversold territory.
Polygon (MATIC)
Polygon (MATIC) experienced a decline of 24.71% in the last 24 hours, indicating a significant entry into the bearish zone. MATIC reached its one-year low at $0.5089 during the Asian morning hours.
Polygon (MATIC) 24H Price Chart (Source: TradingView)
After two consecutive daily declines, the oversold MATIC was trading at $0.5875 at the time of reporting, according to CoinMarketCap.
Cardano (ADA)
Cardano (ADA) saw a decrease of 24% over the previous day. The cryptocurrency reached a new five-month low at $0.22. ADA is currently in a highly oversold condition, with its relative strength index (RSI) recorded at 16.55.
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Cardano (ADA) 24H Price Chart (Source: TradingView)
As per CMC, at the time of writing, ADA was priced at $0.2405.
Shiba Inu (SHIB)
Shiba Inu (SHIB) declined by 21.85% in the last 24 hours. Notably, SHIB fell to its two-year low. According to TradingView, the memecoin reached a new low of $0.00000543.
Shiba Inu (SHIB) 24H Price Chart (Source: TradingView)
SHIB’s RSI was recorded at 16.78 during the analysis, confirming its oversold status. At the time of reporting, Shiba Inu was trading at $0.000006204.
Dogecoin (DOGE)
The leading memecoin Dogecoin (DOGE) fell by 11.79% over the past 24 hours. DOGE reached its 11-month low at $0.053 during the morning hours in Asia.
Dogecoin (DOGE) 24H Price Chart (Source: TradingView)
It is noteworthy that despite tweets from Elon Musk, often referred to as the Dogefather, Dogecoin’s price remained under bearish pressure. At the time of reporting, DOGE was trading at $0.05976 with no signs of a reversal.
In addition, BNB Coin (BNB) and XRP, two other assets affected by the SEC’s regulatory actions, showed significant price declines. At the time of reporting, BNB was down 8.4%, trading at $236.1, while XRP fell by 6.58% to trade at $0.487.
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