Cryptocurrency Market Faces Volatility Amid Global Economic Tensions

According to CoinDesk, major cryptocurrencies are experiencing significant volatility, with XRP, Cardano (ADA), and Dogecoin (DOGE) falling below crucial technical support levels as of early Monday. This downturn is largely attributed to macroeconomic uncertainties arising from a global tariff conflict, which hedge fund manager Bill Ackman has described as an "economic nuclear war." The impact of these tensions is being felt across markets, from cryptocurrencies to global equities, with Bitcoin trading below $79,000 and major tokens experiencing a 14% decline. XRP, the digital asset that powers the XRP Ledger, has dropped to $1.90, marking a 14% decrease. On the daily chart, XRP has breached its critical support level of $2.00, which previously served as a psychological and technical foundation. This breakdown completes a bearish head-and-shoulders pattern, indicating potential further downside. Technical indicators support this bearish outlook, with the 21-day exponential moving average (EMA) at $2.20 acting as resistance after XRP's failure to reclaim it in recent weeks. Additionally, the relative strength index (RSI) has fallen into negative territory, hovering near 30, suggesting that selling pressure is outweighing buying interest. Cardano's ADA token is currently trading at 55 cents, down 12% over the past 24 hours, and has fallen below its 50-day simple moving average (SMA), a critical support level that has sustained the price since mid-March. This breach on the daily chart aligns with a broader descending triangle pattern, indicating continued bearish control. The RSI for ADA is at 38, nearing oversold territory, while the Moving Average Convergence Divergence (MACD) shows a bearish crossover, with the signal line dipping below the MACD line. The next support level is approximately 35 cents, a level tested in late 2024, but a break below could push ADA toward $0.40, representing a 30% drop from current levels. Bulls would need to reclaim 60 cents and turn it into support to counter the bearish outlook, though macroeconomic headwinds, driven by tariff threats and a 20% crypto market cap loss this year, present significant challenges. Dogecoin (DOGE), a popular memecoin, has fallen to $0.16, down nearly 15% in the last 24 hours. It has broken through support at 18 cents, a level that has served as the base of a consolidation range since early March. On the 4-hour chart, a death cross has emerged, with the 50-period SMA crossing below the 200-period SMA, signaling a potential trend reversal to the downside. The RSI for DOGE is deep in oversold territory at 28, suggesting possible short-term relief, but the 20-day EMA at $0.21 presents a significant resistance. If bearish momentum continues, DOGE could decline to $0.14, aligning with its December 2024 lows.