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This week, we take a closer look at Ethereum, Ripple, Cardano, Dogecoin, and Polkadot.
Ethereum (ETH)
Ethereum fell by 3% this week, and buyers appear to struggle to defend the key support at $3,500. So far, they have managed to prevent a breakdown. If sellers maintain the pressure, ETH could have a difficult week ahead.
The past five weekly candles closed with a lower low. This puts the second-largest cryptocurrency in a clear downtrend. To reverse this, ETH has to move above $3,700. That would also open the way to challenge the key resistance at $4,000.
Looking ahead, Ethereum’s price is found at a pivot point. Buyers must defend the support at all costs, otherwise ETH could quickly fall towards $3,000 next.
Ripple (XRP)
XRP appears to mirror ETH and also fell by 2.7% this week. The past five weekly candles closed in red, but the price action shows some indecision from bears due to decreasing volume on the sell side.
So far, the price managed to hold well above 46 cents and is moving sideways on the daily chart. If bulls make a stand here, then they could aim to challenge the resistance at 54 cents later on.
Looking ahead, XRP could be consolidating under 50 cents before another attempt to break higher. Hopefully, the key resistance can break at the next attempt to put this cryptocurrency back on an uptrend.
Cardano (ADA)
ADA had a much better week after its price increased by 4.8% The key support at 37 cents held well and that allowed buyers to return on the offensive.
So far, sellers appear absent, but they could soon return if the overall market remains bearish. Nevertheless, as long as they key support holds this could signal that the correction for ADA is over.
Looking ahead, ADA must maintain this bullish momentum and aim to challenge the resistance at 46 cents next.
Dogecoin (DOGE)
Last week, DOGE had a difficult time after its price broke under the 13.5 cents support. This week, the price managed to move sideways and stop this correction thanks to low volatility. Sellers also appear to have lost interest.
The current support is found at 10 cents and bears did not touch this level at the time of this post. A test could follow later if buyers fail to push DOGE in an uptrend.
The chart remains bearish, but this is an opportunity for buyers to make a stand and take over the price action.
Polkadot (DOT)
DOT finally made a recovery after an excellent bounce on the $5.3 key support. The price also increased by 10% this week, making it the best performer on our list.
The biggest challenge for bulls is the key resistance at $6.7. This reversal has to break it if buyers want to take back full control over this cryptocurrency.
Looking ahead, Polkadot shows promise of a sustained reversal. To confirm it, watch the key resistance that will decide where DOT goes next.
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.
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Cryptocurrency charts by TradingView.
