Ethereum has experienced a 3% decline this week, with buyers struggling to defend the $3,500 support level. The ongoing pressure from sellers has put ETH in a clear downtrend, as evidenced by the lower lows in the past five weekly candles. To reverse this trend, Ethereum needs to surpass the $3,700 mark and challenge the key resistance at $4,000. Failure to defend the support could lead to a quick drop towards $3,000, making it a crucial pivot point for ETH’s price.
Similarly, XRP has mirrored ETH’s movement with a 2.7% drop this week. Despite the bearish sentiment in the past few weeks, XRP has shown signs of indecision from bears, as indicated by decreasing sell-side volume. Holding above 46 cents and moving sideways on the daily chart suggests a possible consolidation phase under 50 cents before another attempt to break higher. Breaking the key resistance at the next attempt could signal an uptrend for XRP.
In contrast to Ethereum and Ripple, ADA had a positive week with a 4.8% price increase. The strong hold at 37 cents allowed buyers to return and push ADA into a bullish momentum. As long as the key support holds, it could indicate the end of the correction for ADA. Maintaining this bullish momentum is crucial for ADA to challenge the resistance at 46 cents and continue its upward trajectory.
DOGE faced a challenging time last week when its price broke under the 13.5 cents support. However, this week saw a stabilization in price with low volatility, indicating a loss of interest from sellers. The current support at 10 cents remains untouched, giving buyers an opportunity to take control of the price action and potentially push DOGE into an uptrend.
Polkadot, on the other hand, made a remarkable recovery after bouncing off the $5.3 key support, resulting in a 10% price increase this week. As the best performer on our list, DOT faces a challenge at the key resistance of $6.7, which needs to be broken for buyers to regain control. The promising reversal for Polkadot signifies a sustained recovery in the near future.
The cryptocurrency market continues to see a mix of bullish and bearish trends across Ethereum, Ripple, Cardano, Dogecoin, and Polkadot. While some coins face challenges in defending key support levels, others show signs of recovery and bullish momentum. It is essential for buyers to monitor key resistance levels and market sentiment to navigate the volatile cryptocurrency landscape effectively.
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