Crypto majors are reeling from a wave of volatility, with XRP, Cardano (ADA), and Dogecoin (DOGE) plunging below key technical support levels early on Monday.

Macroeconomic uncertainty stemming from a global tariff war — dubbed an “economic nuclear war» by hedge fund manager Bill Ackman — is reeling markets from crypto to global equities, with bitcoin under $79,000 and major tokens down 14%.

XRP Price Analysis

XRP, which powers the XRP Ledger, slipped to $1.90 with a 14%. On the daily chart, XRP has breached its critical support at $2.00 — a level that previously held firm as psychological and technical bedrock. This breakdown completes a bearish head-and-shoulders pattern, a signal of potential further downside.

Technical indicators reinforce the bearish outlook. The 21-day exponential moving average (EMA) sits at $2.20, acting as a resistance after XRP failed to reclaim it in past weeks. The relative strength index (RSI) has dipped into negative territory, hovering near 30, suggesting selling pressure outweighs buying interest.

ADA Price Analysis

Cardano’s ADA token trades at 55 cents, down 12% in the past 24 hours, below its 50-day simple moving average (SMA), a critical support that had propped up the price since mid-March. This breach on the daily chart aligns with a broader descending triangle pattern, hinting at continued bearish control.

The RSI for ADA sits at 38, teetering on the edge of 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 lies at nearly 35 cents, a level tested in late 2024, but a break below could drag ADA toward $0.40, a 30% drop from current levels.

Bulls would need to reclaim 60 cents and flip it into support to negate the bearish thesis, though macroeconomic headwinds — fueled by tariff threats and a 20% crypto market cap loss this year — make that a tall order.

DOGE Price Analysis

Memecoin darling dogecoin (DOGE) has tumbled to $0.16, down nearly 15% in the last 24 hours. It sliced through support at 18 cents, a level that marked 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, hinting at possible short-term relief, but the 20-day EMA at $0.21 looms as a stiff resistance. If bears maintain control, DOGE could sink to $0.14, aligning with its December 2024 lows.

Beijing is said to be discussing front-loading monetary stimulus to counter the destabilizing impact President Donald Trump’s tariffs on the Chinese economy, according to data source Trade The News.

The reports come a day after Trump said he won’t make a trade deal with China unless the trade deficit is solved. Financial markets have crashed with bitcoin falling under $80K since Trump announced gigantic reciprocal tariffs Thursday, boosting trade tensions.

Goldman Sachs now expects a total of 130 basis points in Fed rate cuts for 2025, up from 105 basis points late last week. The Reserve Bank of Australia is expected to deliver four rate cuts.

CME’s bitcoin futures, considered a proxy for institutional activity, gapped lower Monday in a sign of bearish sentiment after President Donald Trump ruled out a trade deal with China.

The futures contract due to expire on the last Friday of April began trading at $79,590, down 5.6% from Friday’s close of $84,250 and quickly descended to $76,800, CoinDesk data show.

The losses came as Dow futures fell 900 points, Chinese stocks crashed, and the Japanese equity market slipped into lower circuit breakers as JPMorgan, S&P Global, and Goldman Sachs increased the probability of the U.S. falling into recession this year.

On Sunday, Trump told reporters on Air Force One that he wanted to solve the trade deficit with China «and unless we solve that problem, I’m not going to make a deal.»

Trump added that world leaders are dying to make a deal. Last week, the President announced sweeping tariffs on 180 nations, boosting the total levy on China to 54%. Since then, financial markets have wilted, which the President thinks is the necessary medicine to solve the problem.

«I don’t want anything to go down, but sometimes you have to take medicine to fix something,» Trump said.

Open interest slides on CME

Open interest in the CME futures peaked in December at 281.57 BTC and has since declined to 140.5K, the lowest since August 2024, according to data source Coinglass.

It’s a sign of money leaving the digital assets space, perhaps in anticipation of a deeper price swoon.

Meanwhile, global futures and perpetual futures open interest, excluding CME, has increased from roughly 400K BTC to 520 BTC in the past four weeks.

An increase in open interest alongside a price drop is said to confirm the bearish trend, indicating that traders are building short positions in a falling market.