This week, we take a closer look at Ethereum, Ripple, Cardano, Dogecoin, and Polygon.
Ethereum (ETH)
The general market has turned red and the ETH price has lost 15% in the last week. With support broken on the downside, Ethereum is struggling to find its footing and could go as high as $1,300 where the next key support lies.
The news that Ethereum could be considered a security is another blow that may intensify the current bearish momentum. As the pressure mounts, the bears seem more confident.
Looking ahead, there isn’t much that can stop this sell-off. Until current sentiment changes, the price action could lead to a retest of the lows seen in December 2022 (~$1,000).
Ripple (XRP)
Ripple had a small rally on the back of the current lawsuit that could see the company win against the SEC. However, this turned out to be a brief moment of excitement as these most recent gains were quickly wiped out and its price fell 3% this week.
The price action on this cryptocurrency is not as bleak as most altcoins that are fast approaching their lows since the end of 2022. With good support at 34 cents, XRP is holding much better than the broader market right now. .
Looking ahead, XRP appears to continue its consolidation around 30 cents and may move sideways in the coming weeks. It is critical that buyers defend key support, as failure there would open an opportunity for sellers to push the price much lower.
Cardano (ADA)
Unfortunately for Cardano, last week was again a continuation of the significant correction that began in mid-February. In the process, ADA lost 15% of its valuation, and this sell-off only seems to intensify with no sign of relief.
The buyers seem to have pulled back at the 28 cent support and may try to hold there. If that level does not hold, then the next key level to watch is 24 cents.
Looking ahead and based on the RSI indicator, this latest drop in price has pushed Cardano into the oversold area on the daily time frame. This may lead to a short bounce once this cryptocurrency hits the 28-cent support.
Dogecoin (DOGE)
Dogecoin failed to hold its price above the key support at 7 cents, which has now turned into resistance. This drop pushed the price to a 21% loss last week and put DOGE among the worst performers.
With the bears in full control of the price action, a test of the next support level at 5 cents seems inevitable. This could also become an opportunity for buyers who were hoping for a better entry into the next bull market.
Looking ahead, DOGE’s outlook remains bearish.
Polygon (MATIC)
MATIC has lost its bullish trend. In the process, its valuation fell 22% this week, making it the worst performer on our list. This break in the market structure also signals a major turn in price action.
With $1 support turned into resistance, the bulls have lost a key psychological level that puts the bears in full control of the price action. This is the last thing the buyers wanted and makes the sentiment very bearish.
Looking ahead, MATIC is well on track to test the next key support level at 75 cents. Up there, the price could also bounce as bears can get exhausted after such a sharp drop in a few days.
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