Crypto Price Analysis July-05: ETH, XRP, ADA, DOGE, and DOT

This week, we examine the price movement of Ethereum, Ripple, Cardano, Dogecoin, and Polkadot.

Ethereum (ETH)

In the past week, Ethereum faced a steep decline, dropping by 16%. The overall market also endured significant losses, including Bitcoin. The reasons for this drop could be attributed to the sale of BTC by prominent entities such as Germany and Mt. Gox.

Currently, ETH is testing the support level at $2,800 after its continuous downward trend. If this support level fails, the price may plummet further to $2,500.

From a technical perspective, Ethereum’s lower low indicates a bearish signal. It is likely that bears will continue to dominate until a potential recovery unfolds.

Ripple (XRP)

XRP experienced a similar fate as ETH, with a 15% crash this week. The price has also lost its support at 43 cents, which now acts as a resistance level.

Given the weakness displayed by market leaders like ETH and BTC, the current support at 38 cents seems fragile. In a market downturn, altcoins like XRP struggle to sustain themselves.

For now, it is advisable to wait for a bottom formation where buyers show genuine interest. Until then, buying at current levels is speculative, as there is no indication of a potential price reversal.

Cardano (ADA)

ADA also witnessed a lower low after experiencing a 14% crash this week. The current support level is around 31 cents, and the bearish trend is likely to continue pressuring this level in the coming days.

Despite the recent drop, buyers have shown hesitancy, indicating weakness and a lack of interest. If this trend persists, Cardano could fall below 30 cents in the near future.

Considering the current price levels of ADA, which take us back to 2023 levels during a bear market, it is challenging for the bulls to regain control at this moment.

Dogecoin (DOGE)

Meme coins, including DOGE, have experienced a decline in popularity this summer. DOGE plunged by 23% this week, reflecting a loss of confidence in this speculative cryptocurrency. The absence of buyers is evident in its price movement.

The current support at 9 cents does not inspire confidence and could potentially break if the market remains bearish. In such a scenario, DOGE may revisit price levels from the previous bear market.

Given the current absence of euphoria, which is essential for meme coins, DOGE is likely to struggle in the coming weeks as its bearish trend persists.

Polkadot (DOT)

DOT joins the growing list of altcoins in the red, dropping by 15% this week alone. While the price found some relief at the $5.3 support level, it may only be temporary if the overall market weakness persists.

Bears have dominated the market since late March, and the selling pressure continues to intensify with each new low. This reinforces the bearish trend, showing no signs of reversal.

If there are no notable changes for Polkadot, its price may dip below $5 in the coming weeks.