Ethereum faced a 4.4% loss this week as sellers dominated the price action, pushing it to the key support level of $3,500. Although this pullback could be seen as a normal retest following a significant breakout after the ETF confirmation, the failure to breach the $4,000 resistance for the second time this year raises concerns. The price continues to make higher lows on the weekly chart, indicating a bullish trend if buyers can maintain levels above $3,500.
XRP experienced a 4% loss this week after being rejected at the resistance of 54 cents. The bias remains bearish in the short term, with buying interest unlikely to return until the key resistance is surpassed. Volume and momentum currently favor sellers, but a potential bounce could occur at the 43 cents support level. XRP’s failure to make a higher high in 2024 poses challenges for its market appeal.
ADA saw a 6.5% decline this week as sellers maintained control, pushing the price below 50 cents. The next critical support stands at 37 cents, which could potentially halt the downtrend. Despite briefly reaching 80 cents earlier in the year, ADA’s recent price action has been disappointing, suggesting tough weeks ahead.
Dogecoin closed the week with a 7.4% loss after losing the excitement that surrounded it in June. Currently hovering around the key support level of 13.5 cents, repeated testing of this support could signal weakness in the market. Bulls must defend this level to prevent further declines, as failure to do so may result in new lows for DOGE this year.
Polkadot mirrored XRP’s performance by failing to break the key resistance at $7.6 and witnessing a 5.5% drop in price this week. With the current support at $6, DOT is at risk of setting new lows for the year if this level is breached. A sustained downtrend looms unless there is a significant market recovery to support altcoins like Polkadot.
Overall, the weekly performances of Ethereum, Ripple, Cardano, Dogecoin, and Polkadot depict a challenging environment for cryptocurrency investors. While bullish indicators exist, such as higher lows for Ethereum, the prevailing bearish trends across these assets suggest caution in the market. Investors must closely monitor key support and resistance levels to navigate the volatility and make informed decisions.
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