This week, we take a closer look at Ethereum, Ripple, Cardano, Dogecoin, and Polygon.
The overall market has turned red, and ETH’s price has lost 15% in the past week. With support broken to the downside, Ethereum is struggling to find its footing and could go to $1,300, where the next key support is found.
The news that Ethereum could be considered a security is another blow that may intensify the current bearish momentum. As the pressure is building up, bears appear to become more confident.
Looking ahead, there is not much that can stop this selloff. Until the current sentiment shifts, the price action could lead to a re-test of the lows seen back in December 2022 (~$1,000).
Ripple had a small rally on the back of the current lawsuit that could see the company winning against the SEC. However, this turned out to be a brief moment of excitement as these most recent gains were quickly lost, and its price dropped by 3% this week.
The price action on this cryptocurrency is not as grim as most altcoins which are quickly approaching their lows from late 2022. With good support at 34 cents, XRP is holding much better than the overall 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 for buyers to defend the key support as failure there would open an opportunity for sellers to push the price much lower.
Unfortunately for Cardano, this past week was again a continuation of the significant correction that started in mid-February. In the process, ADA lost 15% of its valuation, and this selloff only appears to be intensifying with no sign of relief.
Buyers seem to have retreated at the 28 cents support and may attempt to make a stand there. If that level fails to hold, then the next key level to watch is at 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 timeframe. This may lead to a short bounce once this cryptocurrency hits the 28 cents support.
Dogecoin failed to sustain its price above the key support at 7 cents which has now turned into a resistance. This drop pushed the price into a 21% loss this past week and placed DOGE among the worst performers.
With bears in full control of the price action, a test of the next level of support at 5 cents appears inevitable. This could also turn into an opportunity for buyers that hoped for a better entry into the next bull market.
Looking ahead, the outlook on DOGE remains bearish.
MATIC has lost its uptrend. In the process, its valuation dropped by 22% this week, which makes it the worst performer on our list. This breakdown in market structure also signals a major turn in price action.
With the support at $1 turned into resistance, bulls have lost a key psychological level which puts bears in full control of the price action. This is the last thing buyers wanted and turns the sentiment very bearish.
Looking ahead, MATIC is well on its way to testing the next key level of support at 75 cents. Until there, the price could also bounce since bears may become exhausted after such a sharp drop in a few days.
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Cryptocurrency charts by TradingView.
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