This week, the cryptocurrency market saw fluctuations in the prices of Ethereum (ETH), Ripple (XRP), Cardano (ADA), Dogecoin (DOGE), and Polkadot (DOT).
Ethereum experienced a 3% decrease in price, with buyers struggling to defend the key support at $3,500. The second-largest cryptocurrency has been in a clear downtrend, with the past five weekly candles closing lower. To reverse this trend, ETH needs to surpass $3,700 and challenge the key resistance at $4,000. Failure to defend the support could lead to a potential drop towards $3,000.
Similarly, XRP fell by 2.7% this week, with the price showing indecision from bears due to decreasing sell-side volume. The cryptocurrency managed to hold above 46 cents, moving sideways on the daily chart. If bulls can hold their ground, XRP may aim to break the resistance at 54 cents and resume an upward trend.
Contrary to ETH and XRP, Cardano had a more positive week, with a 4.8% increase in price. The key support at 37 cents held well, allowing buyers to regain control. If the support continues to hold, ADA could signal the end of its correction and aim to challenge the resistance at 46 cents.
Dogecoin faced challenges last week as the price broke under the 13.5 cents support level. However, this week saw the cryptocurrency moving sideways with low volatility, indicating a halt to the correction. Buyers have the opportunity to make a stand at the current support of 10 cents and potentially take control of the price action.
Polkadot had a significant recovery this week, bouncing off the $5.3 key support and increasing by 10%. The cryptocurrency’s biggest challenge lies in breaking the key resistance at $6.7 to regain full control. The promising reversal of Polkadot suggests a potential sustained uptrend, dependent on the breakthrough of the key resistance.
In conclusion, the cryptocurrency market saw mixed performance this week, with Ethereum and Ripple facing downward pressure, Cardano showing signs of recovery, Dogecoin stabilizing, and Polkadot experiencing a notable bounce. Traders and investors should closely monitor key support and resistance levels to navigate the market efficiently and capitalize on potential price movements in the coming weeks.
