Author:
This week, we take a closer look at Ethereum, Ripple, Cardano, Dogecoin, and Polkadot.
Ethereum (ETH)
Ethereum lost its bullish momentum this week and closed it with a 4.4% loss. Sellers took over the price action and pushed this cryptocurrency to the key support at $3,500.
However, this pullback could turn out to be a normal retest, considering the massive breakout after the ETF confirmation. As long as buyers hold the price above $3,500, there is no reason to be too worried.
Looking ahead, this is the second time ETH has been rejected by the $4,000 resistance this year. Once this correction ends, a third attempt at breaking this key level could be successful. Moreover, the price continues to make higher lows on the weekly chart, which is bullish.
Ripple (XRP)
After XRP was rejected by the resistance at 54 cents, the price entered a deeper pullback. For this reason, this cryptocurrency closed the week with a 4% loss, and the bias is bearish in the short term.
Buying interest seems unlikely to return to XRP until that key resistance is broken. Volume and momentum favor sellers right now, but buyers could return at the 43 cents key support.
Looking ahead, XRP is in a difficult situation. It failed to make a higher high in 2024, and as long as this doesn’t change, it seems unlikely that this cryptocurrency will capture the market’s attention.
Cardano (ADA)
This year, ADA’s price action was more exciting compared to XRP as it reached 80 cents for a brief period. However, since that moment, the cryptocurrency has entered a sustained downtrend. This is why the price fell by 6.5% this week.
Sellers continue to have the upper hand and they don’t seem to be satisfied after taking the price under 50 cents. They appear to be aiming for 37 cents which is the most important support on the chart right now.
Looking ahead, ADA may continue to face some difficult weeks ahead. However, there is hope the key support may put an end to this downtrend.
Dogecoin (DOGE)
The excitement around Dogecoin vanished in June, and the price closed this week with a 7.4% loss. At the time of this post, this meme coin is trying to hold above the key support at 13.5 cents.
In the past months, buyers always came back strong at the key support, but repeated tests of this level may be interpreted as bearish since it shows weakness.
Looking ahead, the bulls must do all they can to defend the key support. Failure here could quickly see DOGE make new lows this year.
Polkadot (DOT)
DOT’s price action mirrors that of XRP. It failed to break the key resistance at $7.6, and since then, it has struggled to return on an uptrend. Its price also fell by 5.5% this week.
The current support is at $6, and this is the last level that can hold the price away from new lows this year. DOT must do everything it can to avoid a lower low in 2024, as that will turn the chart bearish on a high timeframe.
Looking ahead, Polkadot remains in a bearish trend. Unless the overall crypto market recovers, this cryptocurrency might have hard times along with most other altcoins.
Disclaimer: CryptoPotato has received a grant from the Polkadot Foundation to produce content about the Polkadot ecosystem. While the Foundation supports our coverage, we maintain full editorial independence and control over the content we publish.
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
