This week, we take a closer look at ethereum, Ripple, Cardano, Dogecoin, and Polkadot.
ethereum (eth)
ethereum lost its bullish momentum this week and closed it with a 4.4% loss. Sellers took over the price action and took this cryptocurrency to the key support of $3,500.
However, this pullback could become a new normal test, considering the massive breakout following the ETF confirmation. As long as buyers keep the price above $3,500, there is no reason to worry too much.
Looking ahead, this is the second time eth has been rejected by the $4,000 resistance this year. Once this correction ends, a third attempt to break through this key level could be successful. Furthermore, the price continues to make higher lows on the weekly chart, which is bullish.
Ripple (XRP)
After XRP was rejected by the 54 cent resistance, the price entered a deeper pullback. Therefore, this cryptocurrency closed the week with a loss of 4%, and the bias is bearish in the short term.
It seems unlikely that buying interest will return to XRP until that key resistance is broken. Volume and momentum favor sellers at the moment, but buyers could return to key support at 43 cents.
Looking ahead, XRP is in a difficult situation. It failed to reach a higher high in 2024 and as long as this does not change, it seems unlikely that this cryptocurrency will capture the market's attention.
Cardano (ADA)
This year, ADA's price action was more exciting compared to that of XRP as it reached 80 cents for a brief period. However, since that time, the cryptocurrency has entered a sustained downtrend. That is why the price fell 6.5% this week.
Sellers still have the upper hand and don't seem to be satisfied after dropping the price below 50 cents. They seem to be targeting 37 cents, which is the most important support on the chart right now.
Looking ahead, ADA may continue to face some difficult weeks. However, there is hope that key support can end this downtrend.
Dogecoin (DOGE)
The enthusiasm around Dogecoin faded in June and the price closed this week with a loss of 7.4%. At the time of this publication, this meme coin is trying to hold above the key support of 13.5 cents.
In recent months, buyers have always come back strongly to key support, but repeated tests of this level can be interpreted as bearish as it shows weakness.
Looking ahead, the bulls must do everything they can to defend the key support. A failure here could see DOGE quickly reach new lows this year.
Polka dots (POINT)
DOT's price action mirrors that of XRP. It failed to break the key resistance at $7.6 and has since struggled to return to an uptrend. Its price also fell 5.5% this week.
Current support is at $6, and this is the last level that can keep the price away from new lows this year. DOT must do everything it can to avoid a lower low in 2024 as that will cause the chart to turn bearish on a high timeframe.
Looking ahead, Polkadot remains in a bearish trend. Unless the overall crypto market recovers, this cryptocurrency could fall on hard times along with most other altcoins.
The post Cryptocurrency Price Analysis for June 15: eth, XRP, ADA, DOGE and DOT appeared first on CryptoPotato.
