Ethereum had a tough week, as it fell by 3% and struggled to defend the key support level at $3,500. The downward trend has been clear with the past five weekly candles closing with a lower low. In order to reverse this trend, ETH must push above $3,700 and challenge the resistance at $4,000. Failure to defend the support at $3,500 could lead to a significant drop towards $3,000.
XRP followed a similar path to Ethereum, falling by 2.7% this week. The price action has shown some indecision from bears, with decreasing volume on the sell side. XRP managed to hold above 46 cents but needs to break through resistance at 54 cents to start an uptrend. Consolidation below 50 cents may precede another attempt to move higher.
Cardano had a better week, with a 4.8% increase in price. The key support at 37 cents held well, allowing buyers to take control again. As long as the support holds, ADA could signal the end of the correction. To continue the bullish momentum, ADA must aim to challenge the resistance at 46 cents in the upcoming weeks.
Dogecoin faced challenges as its price broke under the 13.5 cents support level last week. This week, the price stabilized around 10 cents, with sellers losing interest. A test of the support level may follow if buyers fail to drive DOGE higher. The bearish trend presents an opportunity for buyers to take control and change the price action.
Polkadot showed promise with a recovery after bouncing off the key support level at $5.3. The price surged by 10% this week, making it the best performer on the list. The key challenge for bulls is breaking the resistance at $6.7 to regain control. Polkadot’s sustained reversal indicates a positive outlook for the future.
The cryptocurrency market saw mixed performances this week, with some struggling to maintain key support levels while others showed signs of recovery. Ethereum and Ripple faced downward pressure, while Cardano and Polkadot demonstrated potential for growth. Dogecoin remains in a bearish trend but could see a turnaround if buyers step in decisively. Overall, the market continues to be volatile, and investors should remain cautious in their trading decisions.