Ethereum faced a loss of 4.4% this week, marking a shift in its bullish momentum. The price was pushed down to the key support level of $3,500 by sellers. While this pullback could be seen as a normal retest after the recent breakout following the ETF confirmation, the rejection at $4,000 resistance for the second time this year raises concerns. It is crucial for buyers to maintain the price above $3,500 to prevent further downside. The formation of higher lows on the weekly chart suggests a bullish outlook once the correction phase ends.
After being rejected at 54 cents resistance, Ripple witnessed a 4% loss this week, signaling a bearish bias in the short term. The failure to make a higher high in 2024 adds to the challenges faced by XRP. The absence of buying interest until the resistance is breached indicates that sellers currently hold the advantage. However, potential support at 43 cents could attract buyers. The inability to generate upward momentum might hinder XRP from gaining significant market attention.
Compared to Ripple, ADA’s price action has been more dynamic, reaching 80 cents briefly. However, a sustained downtrend caused a 6.5% drop this week. Sellers are in control, aiming to breach the crucial 37 cents support. Despite facing tough weeks ahead, there is optimism that the key support level might halt the ongoing downtrend, providing a chance for a reversal in ADA’s price trajectory.
The decline in interest around Dogecoin led to a 7.4% loss this week as the meme coin struggled to maintain its value above the 13.5 cents support. While buyers historically rallied at this level, repeated tests could signal weakness, raising concerns for further downside potential. Protecting the key support is essential for the bulls to prevent new lows in the near future.
Polkadot mirrored XRP’s price action by failing to overcome the $7.6 resistance, resulting in a 5.5% decrease this week. The current support at $6 is critical to prevent new lows in 2024. Failure to defend this level could turn the overall trend bearish on a high timeframe. Polkadot’s future remains uncertain unless there is a widespread recovery in the crypto market.
Ethereum, Ripple, Cardano, Dogecoin, and Polkadot face unique challenges and developments in the current market environment. While some cryptocurrencies exhibit bullish signals such as Ethereum’s higher lows, others like Ripple struggle to attract buying interest. Maintaining key support levels is crucial for preventing significant downside movements, and the overall market sentiment plays a vital role in determining the future trajectory of these digital assets.
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