As a researcher with extensive experience in the cryptocurrency market, I have closely analyzed the weekly performance of Ethereum (ETH), Ripple (XRP), Cardano (ADA), Dogecoin (DOGE), and Polkadot (DOT). Based on my findings, here’s my opinion:
This week, we take a closer look at Ethereum, Ripple, Cardano, Dogecoin, and Polkadot.
Ethereum (ETH)
This week, Ethereum’s bullish push waned, resulting in a 4.4% decrease in its value. Market sellers seized control, causing the cryptocurrency to drop towards the crucial support level of $3,500.
Although this retreat might simply be a routine test of the market’s strength following the significant ETF confirmation, there’s no cause for major concern if buyers keep the price above $3,500.
Moving forward, ETH has encountered rejection at the $4,000 resistance mark for the second instance in 2021. Following the correction, a third try to surmount this significant threshold might prove fruitful. Additionally, the price exhibits a pattern of forming higher bottoms on the weekly diagram, which indicates a bullish trend.
Ripple (XRP)
As an analyst, I would rephrase it as follows: After XRP failed to break through the resistance at $0.54, its price took a turn for the worse, resulting in a weekly decline of 4%. With the current market trend, I believe XRP is more likely to head south in the near term.
It’s unlikely for purchasing interest to resurface in XRP until we break past its current key resistance. At present, trading volume and momentum are leaning more towards sellers. However, potential buyers might make their move once XRP hits the significant support level of 43 cents.
Moving forward, XRP finds itself in a challenging position. It was unable to establish a new peak price in the year 2024, and until this changes, it’s uncertain if this digital currency can regain the market’s focus.
Cardano (ADA)
In contrast to XRP‘s price movement this year, ADA experienced more intrigue as it touched a high of 80 cents for a short spell. Nevertheless, following that peak, ADA has been on a prolonged downward trend, resulting in a 6.5% decrease in value during the recent week.
As an analyst, I’ve observed that sellers have maintained control in the market and aren’t content even after pushing the price below the 50-cent mark. Their next target seems to be the significant support level at 37 cents, making it a crucial area to monitor closely.
As a analyst, I see that ADA‘s future may present some challenging weeks. Yet, there’s optimism as key supports could potentially halt its current downward trend.
Dogecoin (DOGE)
The buzz surrounding Dogecoin significantly diminished in June, resulting in a 7.4% price decrease by week’s end. Presently, the meme currency is making an effort to remain above its crucial support level of 13.5 cents.
Previously, purchasers consistently bounced back at crucial support points. However, frequent challenges of these levels could be perceived as bearish signs, suggesting a weakening trend.
Moving forward, it’s crucial for the bulls to put forth their best efforts to protect the essential support level. If they fail in doing so, there is a strong possibility that DOGE may reach new depths in 2023.
Polkadot (DOT)
The price behavior of DOT is similar to that of XRP. It was unable to surpass the significant barrier at $7.6, leading to a challenging time for the coin to regain an upward trend. This week, its value dropped by 5.5%.
At present, the support for the price is at $6. This is the final line of defense preventing the price from reaching fresh lows this year. It is crucial for DOT to take every necessary action to prevent a new bottom in 2024, as doing so would make the chart appear bearish on long-term timeframes.
As a researcher studying the cryptocurrency market trends, I anticipate that Polkadot’s price action will likely continue in a downtrend. The bearish sentiment is widespread across the crypto space, and if the overall market fails to recover, Polkadot, along with many other altcoins, may encounter significant challenges.
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2024-06-15 20:25