Ethereum experienced a 3% decrease in price this week, with buyers struggling to defend the key support at $3,500. The continuous pressure from sellers puts ETH in a clear downtrend, with the past five weekly candles closing with a lower low. To reverse this downward trend, ETH needs to surpass $3,700 and challenge the key resistance at $4,000. The current pivot point for Ethereum’s price leaves buyers in a critical position, as the support level must be defended to prevent a rapid fall towards $3,000.
XRP followed a similar pattern to Ethereum, falling by 2.7% this week. Despite the bearish trend reflected in the five-week candle closures, the decreasing volume on the sell side suggests indecision from sellers. Holding above 46 cents, XRP has the potential to rally towards the resistance at 54 cents. The consolidation under 50 cents might lead to a bullish breakout if the key resistance is conquered in the upcoming attempts.
ADA had a more positive week, with a 4.8% increase in price and steady support at 37 cents. This allowed buyers to regain control, leading to a bullish momentum. As long as the key support holds, ADA could signal the end of its correction phase by aiming to challenge the resistance at 46 cents. The absence of sellers indicates a potential continuation of the positive trend for Cardano.
Dogecoin
Dogecoin faced challenges as its price broke under the 13.5 cents support level in the previous week. However, this week saw the price stabilize, thanks to low volatility and decreased interest from sellers. With current support at 10 cents, buyers have the opportunity to make a comeback and drive the price in an uptrend. The bearish chart pattern presents a potential turning point for DOGE, with a chance for buyers to seize control of the price action.
Polkadot
Polkadot showed signs of recovery, bouncing off the key support at $5.3 and achieving a 10% increase in price, making it the best-performing cryptocurrency on the list. The major obstacle for bulls is overcoming the key resistance at $6.7 to regain full control over DOT. The promising reversal for Polkadot indicates a bullish outlook, with the potential for sustained growth in the near future.