- Bybit’s $1.5B hack triggers market-wide sell-off, impacting major cryptocurrencies.
- XRP, ADA, SHIB, and DOGE struggle as investors react to heightened security fears.
- Key support levels remain crucial as altcoins attempt to stabilize amid uncertainty.
The cryptocurrency market is facing a sell-off following a security breach at Bybit, a major exchange. The platform suffered a $1.5 billion hack, marking one of the largest digital asset thefts in history. The attack targeted Bybit’s cold wallet, an offline storage system designed for security, and the stolen funds, primarily in Ethereum, were quickly moved and liquidated.
This event triggered fear among investors, leading to notable price declines across several major cryptocurrencies, including XRP, Cardano (ADA), Shiba Inu (SHIB), and Dogecoin (DOGE).
XRP Faces Resistance Amid Price Drop
XRP has dropped 2.72% in the last 24 hours, trading at $2.58. The price initially surged above $2.66 before facing strong resistance and declining below $2.55. Despite a minor recovery attempt, the market struggles to regain momentum, with resistance seen between $2.60 and $2.65.
The key support level stands at $2.50, a psychological price point where buyers may step in. If selling pressure continues, the next support levels at $2.45 and $2.40 could come into play. On the upside, XRP must break past $2.60 to sustain a bullish reversal, with further resistance at $2.66 and $2.70.
Cardano (ADA) Drops Below Key Support
ADA has declined 4.51%, currently trading at $0.7657. The price reached an intraday high of $0.803 before experiencing a sharp downturn, falling below $0.750. A slight recovery is visible, but ADA remains under pressure.
The immediate support at $0.750 is crucial for preventing further losses. If this level fails, the next support zones at $0.740 and $0.720 may be tested. Resistance lies at $0.770, followed by stronger hurdles at $0.785 and $0.803. A decisive break above these levels could signal renewed bullish momentum.
SHIB Struggles to Rebound After Decline
Shiba Inu (SHIB) is down 2.09%, currently trading at $0.00001540. The price fell from an intraday high of $0.00001574 and dropped below $0.00001500 before showing signs of stabilization. Despite a minor recovery, SHIB faces resistance at $0.00001555, with additional barriers at $0.00001574 and $0.00001600.
The key support level remains at $0.00001500. If SHIB fails to hold this level, further declines toward $0.00001480 and $0.00001450 are possible. A breakout above resistance levels could help SHIB regain bullish momentum.
DOGE Faces Challenges Amid Broader Market Weakness
Dogecoin (DOGE) has fallen 4.63% to $0.2435 after reaching an intraday high of $0.2556. The price dropped below $0.2350 before attempting a recovery, though upward movement remains limited.
Immediate support at $0.2400 is critical for stability, with lower support at $0.2350 and $0.2300 if selling pressure intensifies. Resistance at $0.2470, followed by $0.2556 and $0.2600, needs to be cleared for a bullish reversal.
