This week, we take a closer look at ethereum, Ripple, Cardano, Dogecoin, and Polkadot.
ethereum (eth)
After a rough start to July, ethereum rebounded by 7% this week and recovered some of the most recent losses. In the process, the price also surpassed $3000.
The biggest challenge right now is for eth to maintain this momentum and continue to rise. Buyers came in strong earlier this week, but since yesterday they have been absent and the price shows it.
Looking ahead, the second-largest cryptocurrency still has good support at $2,800. Therefore, if the bears manage to push eth lower again, buyers are likely to return to that zone.
Ripple (XRP)
XRP impressed this week with a 15% rebound from the 38 cent support. At this rate, the price could even test the key 54 cent resistance in the near future.
This strong return of the bulls comes after a long period where the price was in an uninterrupted downtrend. This could be the reversal the community has been waiting for or a dead cat bounce. It is too early to say for sure how this will play out at the time of this writing.
Looking ahead, XRP must maintain this momentum if it wants to gain confidence in its price action.
Cardano (ADA)
Similar to XRP, ADA made a strong bounce from the 31 cent support and closed the week with an impressive 22% bounce. Moreover, if nothing changes by Sunday, ADA will form a bullish engulfing candle on the weekly chart.
This rally is promising and has erased some of the more recent losses. Current resistance is at 46 cents and buyers should target that level if they want to get serious about a sustained reversal.
Looking ahead, the market appears to have reached a turning point where buyers have returned. The question now is whether they can sustain an uptrend for more than a few days.
Dogecoin (DOGE)
This week, DOGE finally showed some signs of life with a 10% bounce from its 9 cent support. This was much needed, but buyers remain timid after only dominating for a few days this week.
The current momentum does not give confidence that DOGE can challenge the resistance at 13 cents and a retest at 9 cents is likely if buyers disappear again.
The trend remains bearish despite this recent rally. This bias will change only when the key resistance falls.
Moles (POINT)
While DOT had an impressive bounce from the $5.3 support, buyers didn’t really follow suit lately. Still, this cryptocurrency closed the week with a 9% price increase, which is a welcome change compared to the past.
So far, the price is bouncing between key levels, with $6.7 as resistance. This level has not really been challenged so far and buyers can be expected to attempt a breakout in the near future.
Looking ahead, it seems like Polkadot has stopped the downtrend and entered a flat trend with the price bouncing between key levels. Therefore, the bias is neutral at the moment.
Cryptocurrency Price Analysis July 12: eth, XRP, ADA, DOGE, and DOT appeared first on CryptoPotato.
