Ethereum faced a 4.4% loss this week, signaling a shift in momentum towards the bearish side. The key support at $3,500 has been tested as sellers took control of the price action. While this pullback could be seen as a normal retest following the massive breakout after the ETF confirmation, it is essential for buyers to hold the price above $3,500 to avoid further downside pressure. Repeated rejection at the $4,000 resistance raises concerns, but the continuous formation of higher lows on the weekly chart remains a bullish signal. A successful third attempt at breaking the key resistance level may be on the horizon once the correction phase ends.
XRP closed the week with a 4% loss after being rejected at the resistance of 54 cents, leading to a deeper pullback. The bearish bias remains dominant in the short term, with buying interest unlikely to return until the key resistance is breached. Sellers currently have the upper hand, and the price could be headed towards the 43 cents support level. Failure to establish a higher high in 2024 puts XRP in a challenging position to capture market attention in the near future.
ADA experienced an exciting rally reaching 80 cents briefly before entering a sustained downtrend that saw a 6.5% loss this week. Sellers are in control, targeting the crucial support at 37 cents after breaching the 50 cents level. The upcoming weeks may continue to pose challenges for ADA, although hope remains that the key support could halt the current downtrend.
Dogecoin suffered a 7.4% loss this week as the excitement surrounding the meme coin dissipated. The price is struggling to hold above the key support at 13.5 cents, with repeated tests of this level indicating potential weakness. Bulls must defend the support to prevent new lows this year, highlighting the importance of maintaining price stability in the coming weeks.
Polkadot’s price action mirrored that of XRP, failing to break the critical resistance at $7.6 and registering a 5.5% loss this week. The current support at $6 is crucial in preventing new lows for DOT in 2024. The cryptocurrency must strive to avoid a bearish turn on higher timeframes by maintaining price levels and resisting further downside pressure unless there is a broader market recovery.
The cryptocurrency market faces varying levels of bearish sentiment across Ethereum, Ripple, Cardano, Dogecoin, and Polkadot. While challenges persist, key support levels present opportunities for buyers to step in and potentially reverse the current downtrend. Monitoring price actions and market trends will be crucial in navigating the volatility and uncertainties characterizing the crypto landscape.
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