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This week, we’ll take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Dogecoin.
Ethereum (ETH)
After a significant rally from $1,660, Ethereum failed to rise above $1,930 while the overall market turned bearish. Since then, ETH has registered a correction and has lost 3.3% in its valuation in the last week.
Fortunately for the buyers, the support at $1,820 seems solid, and so far, the price is holding above it. However, if the selling pressure intensifies, the support may fail.
Looking ahead, the price action of ETH suggests a reduction in bullish momentum, which could turn into a more significant correction. It is important that the main support is maintained.
Ripple (XRP)
Since the rejection at 53 cents, XRP registered a significant correction which took the price to 45 cents. In the process, the cryptocurrency has lost 8.7% in the last seven days.
Even if this correction continues, XRP has good support at 44 cents. This level was a key reversal point in the past, and buyers have a good chance of a return at that point.
Looking ahead, XRP continues to be bearish, but with support close by, it could attempt a reversal in the coming week. It is dependent on the overall market, which has been hesitating to go up in the past few days.
Cardano (ADA)
Unfortunately for Cardano holders, the cryptocurrency failed to stay above 30 cents. This gave sellers a head start and drove the price down by 9.3% over the past seven days, making ADA the worst performer on our list.
Although the momentum may be bearish at the moment, the support at 24 cents is likely to put up a good fight if sellers attempt to revisit it.
looking aheadADA may continue to decline in the near term, but buyers are likely to return once the discount on the price becomes too attractive to pass up, as in early June.
Binance Coin (BNB)
June was a rough month for Binance Coin after falling from $300 to $220. The price bearishness continues and has declined by 7.3% this week.
With good support at $230, BNB can expect a reversal if the buyers manage to hold at this key level. In the past, the price bounced here but got stuck near the $260 resistance.
Looking ahead, the future for this cryptocurrency is murky considering that regulatory pressure on Binance will likely be reflected in the price of BNB.
Dogecoin (DOGE)
In mid-June, Dogecoin had a good chance to rally, but the bears did not allow the price to rise above 7 cents. Since then, DOGE turned bearish and lost 7.9% this week alone.
Current resistance is found at 6.5 cents, and current support is found at 5.7 cents. With the momentum favoring the sellers at the moment, it is hard to see how DOGE can reverse this downtrend.
Looking ahead, if bears continue to dominate the coming week, a test of key support at 5.7 cents looks likely.
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Disclaimer: Information found on Cryptopotatoes is from the cited authors. It does not represent the opinion of Cryptopotatoes to buy, sell or hold any investment. You are advised to do your own research before making any investment decision. Use the information provided at your own risk. See disclaimer for more details.
cryptocurrency chart by Tradingview.
