As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market volatility and price swings. This week, I decided to take a closer look at Ethereum (ETH), Ripple (XRP), Cardano (ADA), Dogecoin (DOGE), and Polkadot (DOT).
This week, we take a closer look at Ethereum, Ripple, Cardano, Dogecoin, and Polkadot.
Ethereum (ETH)
As a crypto investor, I’ve experienced some turbulence with Ethereum in July. However, this week brought some positive news as the price surged by 7%, managing to regain some of those losses. Furthermore, an impressive milestone was reached as the price tag broke above $3,000.
currently, Ethereum’s most significant hurdle is maintaining its upward trajectory and advancing further. Purchasers exhibited substantial buying power earlier in the week, but their presence has waned since then, resulting in a noticeable dip in price.
Moving forward, the second largest cryptocurrency maintains strong backing around the $2,800 mark. Consequently, should bears succeed in pushing Ethereum down once more, investors may reappear in this area to buy.
Ripple (XRP)
As a researcher, I’ve observed an intriguing development with XRP this week. It rebounded by 15% from its support level of 38 cents, raising questions about a potential price surge. If this trend continues, we may witness XRP challenging the significant resistance at 54 cents in the imminent future.
After a prolonged slump in pricing, the bulls have delivered a robust comeback. Whether this signifies a long-awaited reversal or merely a fleeting rally, known as a “dead cat bounce,” remains uncertain at present.
Looking ahead, XRP has to maintain this momentum if confidence in this price action is to increase.
Cardano (ADA)
Just like XRP experienced a robust rebound from its 31 cent support, ADA followed suit with a significant 22% surge in value as the week came to a close. Furthermore, assuming no major shifts occur by Sunday, ADA is poised to form an optimistic bullish engulfing candle on its weekly chart.
The rebound appears hopeful, having offset some recent setbacks. At present, the resistance level stands at 46 cents; determined buyers seeking a prolonged turnaround should consider targeting this point next.
Moving forward, it seems the market has hit a turning point with buyers regaining control. However, the real test lies in their ability to maintain this upward trend for an extended period.
Dogecoin (DOGE)
I’ve observed that DOGE displayed a promising revival this week, with a noteworthy 10% surge from its 9 cent support level. However, potential buyers have shown reluctance to re-enter the market despite this uptick. Their brief dominance throughout the week left them hesitant to make significant commitments.
As an analyst, I would assess the situation by stating that the present trend does not instill much faith in Dogecoin’s ability to surmount the resistance at 13 cents. Should buying pressure dwindle once more, a revisit of the support level at 9 cents appears to be imminent.
As a researcher observing the market trends, I’ve noticed that the downward trend persists even after this latest price increase. A shift in this bearish stance won’t occur until the significant resistance level is broken.
Polkadot (DOT)
As a crypto investor, I’ve noticed that Polkadot (DOT) made a strong recovery from its $5.3 support level. However, despite this bounce, buyers have been hesitant to push prices higher recently. Nevertheless, I’m pleased to see that DOT closed the week with a 9% price increase – a positive development compared to the lackluster performance we’ve seen in previous times.
As a crypto investor, I’ve noticed that the price has been oscillating between important thresholds, with $6.7 acting as a significant resistance point. So far, this level hasn’t been significantly tested, but I’m hopeful that buyers will make an attempt to push through and create a breakout soon.
As a crypto investor, I’ve noticed that Polkadot’s price action seems to have halted its downward trend and shifted into a more stable, horizontal movement. The value has been oscillating between significant support and resistance levels. Consequently, my current outlook is neutral as the market doesn’t show any clear signs of bullish or bearish momentum.
Read More
- W PREDICTION. W cryptocurrency
- PENDLE PREDICTION. PENDLE cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- ZETA PREDICTION. ZETA cryptocurrency
- FutureNet Co-Founder Roman Ziemian Arrested in Montenegro Over $21M Theft
- AEVO PREDICTION. AEVO cryptocurrency
- NFT PREDICTION. NFT cryptocurrency
- FOX PREDICTION. FOX cryptocurrency
- BRG PREDICTION. BRG cryptocurrency
- HIFI PREDICTION. HIFI cryptocurrency
2024-07-12 14:33