Are Cardano, Chainlink and Ravencoin doomed to continue falling?

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Although the plunge has been more drastic in altcoins than in Bitcoin, this technical analysis will evaluate whether Cardano, Chainlink and Ravencoin are doomed to continue falling.

After moving between the 16.18 and 38.20 percent Fibonacci retracement level for nearly two months, Cardano broke below support and reached the 61.80 percent Fibonacci retracement area where it is currently trading at.

An upswing could indeed be expected now that Cardano has reached the 40.50 percent retracement target given the ascending triangle that was forming on the 3-day chart.

Since ADA is currently trading on a red seven there could be another two days of bearish momentum before a bullish signal is given by this technical index, which increases the likelihood for a continuation of the downward trend that could take Cardano to the 78.60 percent Fibonacci retracement level or around $0.045.

Regardless of the actual reason behind the 1.4 million LINK tokens transferred, this cryptocurrency has corrected more than 50 percent from the high of $4.80 on June 29 and several indicators could suggest that it is trading at a pivotal point where it could continue declining or regain some of the value that it has lost.

If Chainlink is able to move above the 38.20 percent Fibonacci retracement level the bullish outlook seen on the 3-day chart will be validated and LINK could be on its way to reach new all-time highs, but breaking below the 50 percent Fibonacci retracement level could indicate that the support given by the 7-week moving average is vanishing and this cryptocurrency will be doomed for a further depreciation.

Ravencoin broke below the 7-week moving average around 3 weeks ago and since then it has dropped nearly 40 percent.

The Fibonacci retracement levels on the 1-day chart could be used to determined whether the parallel channel seen in the 3-day chart will continue suppressing Ravencoin.

At the moment, it seems like a move below the 61.80 percent Fibonacci retracement level could be catastrophic for RVN since the next level of support is sitting around $0.025.

A break below the parabolic phase could trigger an 80 percent drop from current levels in BTC, taking the entire cryptocurrency market down with it.

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