This week, we take a closer look at Ethereum, Ripple, Cardano, Dogecoin, and Polkadot.
Ethereum (ETH)
This week was brutal and Ethereum crashed by 16%. Most of the market is in red with double digits losses across the board, including for Bitcoin. The reasons for this drop could be tied to some major actors selling BTC like Germany or Mt. Gox.
Either way, ETH’s price has been in a free fall and is now testing the support at $2,800. If this level will not hold, then the price may quickly go to $2,500 next.
Looking ahead, Ethereum made a lower low and this is a bearish signal. It could very well be that bears will continue to dominate before a recovery is at hand.
Ripple (XRP)
XRP is in the same boat like ETH and crashed by 15% this week. The price also lost its support at 43 cents which has now turned into a resistance.
The current support around 38 cents appears fragile, particularly if the market leaders (ETH and BTC) continue to show weakness. Altcoins like XRP cannot hold on their own when most of the market is in red.
Looking ahead, it is best to wait for a bottom to form where buyers show interests. Until then, any buys at these levels are speculative with no indication this price action will reverse.
Cardano (ADA)
ADA also made a lower low this week after crashing by 14%. The current support is found at 31 cents. The trend remains bearish and pressure on this support level is likely to continue in the next few days.
Buyers have been very shy despite this recent drop. This shows weakness and lack of interest. If nothing changes, then Cardano could fall under 30 cents in the coming days.
Looking ahead, ADA is in a difficult moment considering its price is back to levels from 2023 when we were in a full blown bear market. A return of the bulls seems far away right now.
Dogecoin (DOGE)
Meme coins were almost forgotten this summer and DOGE was not spared. It also crashed by 23% this week. This is a major loss of confidence in this cryptocurrency which thrives on speculation. With buyers absent, the price shows it.
The current support at 9 cents does not inspire confidence and may quickly fall if the market remains bearish. In such a case, DOGE will also return to levels not seen since the last bear market.
The trend remains bearish and DOGE may continue to struggle in the weeks to come, particularly as meme coins thrive of euphoria which is totally absent right now.
Polkadot (DOT)
DOT also joins the long list of altcoins found in red and dropped by 15% this week alone. The price did find some relief on the $5.3 support, but as mentioned before, this could be temporary if the market remains weak.
Bears have dominated the market since late March and the sell volume continues to grow with each new low. This re-confirms the bearish trend which shows no signs of reversal.
Looking ahead, if northing changes for Polkadot, then its price could find itself under $5 in the weeks to come.
