Ethereum has experienced a 3% decline this week, with buyers facing challenges in defending the key support level at $3,500. The inability to prevent a breakdown could result in a difficult week ahead for ETH. The recent trend of closing with a lower low for the past five weekly candles indicates a clear downtrend. To reverse this trend, ETH must surpass $3,700 to potentially challenge the resistance at $4,000. The current price of Ethereum is at a crucial pivot point, and buyers must work hard to defend the support level to avoid a rapid decline towards $3,000.
XRP has mirrored Ethereum’s movement by falling 2.7% this week. Despite the five consecutive weeks of closing in the red, the price action suggests indecision among bears due to decreasing sell-side volume. Maintaining stability above 46 cents, XRP is currently moving sideways on the daily chart. If bulls can hold their ground, they might aim to break the resistance at 54 cents in the near future. Consolidating under 50 cents, XRP could be preparing for another attempt to move upwards and break the key resistance to resume an uptrend.
ADA had a positive week with a 4.8% price increase, signaling a bullish momentum. The support at 37 cents held strong, allowing buyers to take control. Despite the absence of sellers, a return could be imminent if the market sentiment remains bearish. Sustaining this bullish momentum, ADA aims to challenge the resistance at 46 cents next to solidify its position. As long as the key support remains intact, the correction phase for ADA might be coming to an end.
DOGE faced challenges last week as it broke below the 13.5 cents support level. Currently trading sideways with low volatility, buyers need to push DOGE upwards to prevent further corrections. The current support at 10 cents is crucial, and a failure to maintain it could attract sellers to test it. Despite the bearish chart, buyers have an opportunity to regain control over the price action.
DOT witnessed a strong recovery after bouncing from the $5.3 support level, resulting in a 10% price increase this week. Being the best performer on the list, the key challenge for bulls lies at the $6.7 resistance level. A successful break of this level could signal a full control by buyers over Polkadot. Looking forward, Polkadot shows promise of a sustained reversal, but challenges lie ahead in breaking key resistances.
The analysis of the top cryptocurrencies reveals a mixture of struggles and achievements. While Ethereum and Ripple face challenges in defending key support levels, Cardano and Polkadot show promising signs of bullish momentum. Dogecoin, on the other hand, needs to overcome resistance levels to avoid further corrections. The cryptocurrency market remains volatile, and traders must carefully monitor these trends to make informed decisions.
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