Ethereum experienced a 3% decrease in price this week, putting it in a downtrend. The key support level at $3,500 is under threat, and buyers are struggling to prevent a breakdown. To reverse the downtrend, ETH needs to surpass $3,700 and challenge the resistance at $4,000. Failure to defend the support could lead to a quick decline towards $3,000. The upcoming week is crucial for Ethereum’s price action and will determine its future direction.
XRP also faced a 2.7% decrease in price this week, mirroring Ethereum’s downward trend. Despite the bearish momentum, the price managed to hold above 46 cents with decreasing volume on the sell side. If bulls can hold this level, they may aim to break the resistance at 54 cents and move higher. Ripple’s price is currently consolidating below 50 cents, indicating a potential breakout to the upside in the near future.
Cardano had a better week compared to Ethereum and Ripple, with a 4.8% increase in price. The key support level at 37 cents held strong, allowing buyers to regain control. As long as this support holds, it signals the end of the correction for ADA. The focus is now on challenging the resistance at 46 cents and maintaining the bullish momentum for Cardano’s price to continue moving higher.
DOGE faced challenges last week when it broke below the 13.5 cents support level. However, this week saw the price stabilizing around 10 cents with low volatility and declining interest from sellers. The current support level remains untouched, providing an opportunity for buyers to make a stand and push Dogecoin into an uptrend. Despite the bearish chart, DOGE could see a potential turnaround if buyers step in to control the price action.
Polkadot experienced a significant recovery this week, bouncing off the key support level at $5.3 and increasing by 10%. It emerged as the best performer on our list, showcasing the potential for a sustained reversal. The key challenge for Polkadot is breaking the resistance at $6.7 to regain full control over the cryptocurrency’s price action. The positive momentum indicates a promising trend for Polkadot in the upcoming weeks.
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