Ethereum experienced a 4.4% loss this week as sellers dominated the market, pushing the price down to the key support level of $3,500. Despite this setback, there is still hope for a potential rebound as long as the price remains above this support level. The repeated rejection at the $4,000 resistance could signal a possible breakout in the near future. Additionally, the cryptocurrency continues to form higher lows on the weekly chart, which is a bullish indicator.
Ripple faced a 4% loss this week after being rejected at the 54 cents resistance level, leading to a bearish bias in the short term. The lack of buying interest until the key resistance is breached suggests further downward pressure may be imminent. With sellers currently in control, there is a possibility of a return to the 43 cents support level. Failure to establish a higher high in 2024 could hinder Ripple’s chances of gaining market attention in the near future.
Cardano’s price declined by 6.5% this week, indicating a sustained downtrend after briefly reaching 80 cents. Sellers have maintained control, pushing the price below 50 cents and potentially targeting the 37 cents support level. Despite the challenges ahead, there is a glimmer of hope that the key support could halt the ongoing downtrend for Cardano.
Dogecoin
Dogecoin closed the week with a 7.4% loss, highlighting a fading interest in the meme coin. Attempting to hold above the 13.5 cents support level, Dogecoin faces a critical juncture as repeated tests of this level could weaken its position. The bulls must defend this support to prevent further downside risk and potential new lows this year.
Polkadot’s price movement echoes that of XRP as it struggled to break the $7.6 resistance, resulting in a 5.5% loss this week. With the current support at $6, Polkadot is at a crucial juncture to avoid new lows in 2024. A failure to maintain above this level could lead to a bearish trend on higher timeframes. Unless there is a broader market recovery, Polkadot may face continued challenges along with other altcoins.
The cryptocurrency market has experienced various challenges this week, with several key assets facing downward pressure. While there may be hope for potential rebounds and support levels to hold, the overall sentiment remains cautious. It is essential for investors to closely monitor these developments and adjust their strategies accordingly to navigate this volatile market landscape.
