Ethereum experienced a 3% decline this week, with buyers finding it challenging to defend the key support level at $3,500. The struggle to prevent a breakdown indicates a potential difficult week ahead for ETH. The cryptocurrency has seen five consecutive weekly candles closing with lower lows, signaling a clear downtrend. In order to reverse this trend, Ethereum must surpass the $3,700 mark, opening up the possibility of challenging the key resistance at $4,000. The current price of Ethereum is at a pivot point, with buyers needing to protect the support at all costs to avoid a potential drop towards $3,000.
Ripple (XRP) mirrored Ethereum’s performance this week, falling by 2.7%. Despite five consecutive weeks of red candles, the price action on XRP indicates indecision from bears due to decreasing sell-side volume. The cryptocurrency managed to hold above 46 cents and is moving sideways on the daily chart. If bulls can hold their ground, they may have a chance to challenge the resistance at 54 cents. XRP could be consolidating below 50 cents before attempting to break higher and resume an uptrend.
Cardano (ADA) had a more positive week, with a price increase of 4.8%. The key support at 37 cents held well, allowing buyers to return to the market. Despite the absence of sellers at the moment, a bearish market could prompt their return. However, as long as the key support holds, it could signal the end of the correction for ADA. Moving forward, ADA needs to maintain its bullish momentum and aim to challenge the resistance at 46 cents.
Dogecoin (DOGE) struggled last week after breaking below the 13.5 cents support level. This week, the price stabilized due to low volatility, with sellers losing interest. The current support level is at 10 cents, which bears have yet to test. However, if buyers fail to push DOGE higher, a test of this support level could be imminent. This presents an opportunity for buyers to influence price action and potentially reverse the current bearish trend.
Polkadot (DOT) saw a significant recovery after bouncing off the $5.3 key support level. The price increased by 10% this week, making it the best performer on the list. The main challenge for bulls is breaking the key resistance at $6.7 to regain control of the cryptocurrency. Despite the bearish chart, Polkadot shows promise of a sustained reversal, offering a positive outlook for the future.
The cryptocurrency market continues to display a mix of bullish and bearish trends across various assets. Ethereum and Ripple face challenges in defending key support levels, while Cardano and Polkadot show potential for positive price movements. Dogecoin remains volatile, leaving room for uncertainty in its future performance. Investors and traders need to closely monitor these cryptocurrencies for potential trading opportunities and risks.
