Downtrend

The price of Cardano (ADA) has resumed its downward correction as the price falls below its moving averages.

Cryptocurrencies resumed their downward correction as bulls failed to break through the next resistance levels.

The cryptocurrencies under review are moving positive as altcoins break above the moving averages. This is an indication that the downtrend is gradually coming to an end.

Ethereum's (ETH) upward movement was halted at the high of $3,288. The largest altcoin has declined and found support above the 21-day moving average line but below the 50-day moving average line. This means that the Ether price will fluctuate between the moving averages.

The price of Polkadot (DOT) turned from the recent high, but found support above the breakout level of $20. Earlier, bulls broke through $20 resistance including the 21-day moving average line.

Virtually all cryptocurrencies, including the biggest losers, have regained bullish momentum as altcoins rally. The performance of the losers indicates that they are posting minimal losses or minimal gains.

The price of Ripple (XRP) has continued to consolidate above the $0.58 support level as the altcoin maintains its range of fluctuation. For the past two weeks, XRP has been trading in a sideways trend.

Since the January 22 price collapse, most altcoins have reached the oversold regions of the market. Buyers have been unable to keep cryptocurrencies' prices above the overriding resistance levels. Consequently, these altcoins were forced to continue their downward correction.

The best performing altcoins are all in bullish momentum as they recover from oversold regions. As bulls buy the dips, the altcoins are attracting buying pressure on the downside of the charts. The uptrend will continue as the altcoins break through their respective current resistance levels.