This week, we focus on Dogecoin, Ripple, Cardano, Polygon, and Ethereum by taking a more in-depth look at each of these cryptocurrencies.
Ethereum (ETH)
The market as a whole has turned red, and the price of Ethereum has dropped by 15% in the last week. Ethereum has broken through a major support level, sending the price plunging.
The next critical support is around $1,300, which means the price might fall to that level. The chance that Ethereum will be categorized as a security in some future legislation.
It is a further blow that has the potential to add more gasoline to the flames of the existing bearish trend. Some bears even seem to gain assurance as the pressure increases.
A further decline in prices seems unlikely in the near future. If the current mood holds, bitcoin may retest the December 2022 dips (around $1,000).
Ripple (XRP)
Due to the current litigation that Ripple may win against the SEC, the cryptocurrency had a slight rally. The most recent gains were quickly wiped out, as can be seen by a cursory examination of its price history.
The price has dropped by 3% during the course of this week. This cryptocurrency’s price behavior is not as gloomy as that of most altcoins, which are rapidly nearing their lows from late 2022 onward.
XRP is holding up better than the market as a whole thanks to strong support near 34 cents. On the outlook for the future, it appears that XRP is pleased to maintain a price level of around 30 cents.
For the next few weeks, things are even expected to stay pretty much the same. For buyers to avoid allowing sellers to drive the price much lower, they must successfully protect the important support.
Cardano (ADA)
With bad news for Cardano, the substantial correction that began in the middle of February continued this past week. As a result, the value of ADA dropped by 15%, and the current selloff shows no signs of abating.
As of late, buyers have retreated below the 28 cents support, where they may try to stage a comeback. If that support doesn’t hold, then keep an eye on 24 cents as the next major level.
Recent price decline indicated by RSI indicator’s projections for market movement in the coming years. This has resulted in Cardano’s daily chart entering the oversold region.
Dogecoin (DOGE)
When this cryptocurrency reaches the 28 cents support, it may have a brief rally for this reason. The major support at 7 cents has turned into resistance for Dogecoin because it was not able to support the cryptocurrency’s price there.
This decline contributed to DOGE’s 21% price drop last week, making it one of the worst performers. Now that sellers have the upper hand, it’s likely that the next level of support at 5 cents will be tested.
Prospective purchasers who were hoping for a lower entry price into the next bull market might benefit from this as well.
Polygon (MATIC)
In the future, a further unfavorable prognosis for DOGE is expected. The upward trend in MATIC has stopped.
As a result, its stock price fell by 22% this week, making it the worst performer of the stocks we track. Due to this disruption in the market’s structure, we might expect a dramatic shift in price.
The bulls have suffered a significant psychological setback as a result of the $1 level changing its role from support to resistance. Bears are now in full command of the stock action as a result of this development.
The buyers have received the worst possible news, and the market is going to have a terribly negative impact as a direct result of this. The next crucial resistance is at 75 cents, and it appears that MATIC is going to challenge this level.
Following the price was reduced by a substantial amount in the following days. Bears may be emotionally drained at this stage, creating an opportunity for a price rebound.