Crypto Price Analysis June-15: ETH, XRP, ADA, DOGE, and DOT
This week, we delve into the price movements of Ethereum, Ripple, Cardano, Dogecoin, and Polkadot.
Ethereum (ETH)
ETH experienced a loss of 4.4% this week as sellers dominated the market and pushed the price towards the key support level at $3,500. However, this pullback may just be a normal retest following the significant breakout after the ETF confirmation. As long as buyers can sustain the price above $3,500, there is no need for excessive concern. Moreover, the cryptocurrency’s price continues to establish higher lows on the weekly chart, indicating a bullish trend.
Ripple (XRP)
XRP faced rejection at the 54 cents resistance level, leading to a deeper pullback and a 4% loss for the week. The short-term bias is now bearish, and buying interest is unlikely to resurface until the key resistance is breached. Sellers currently hold the advantage in terms of volume and momentum, but buyers may step in if the price reaches the key support at 43 cents. In order to capture the market’s attention, XRP needs to break the pattern of failing to establish higher highs.
Cardano (ADA)
ADA initially displayed an exciting price action as it briefly reached 80 cents. However, it has since entered a sustained downtrend, resulting in a 6.5% loss for the week. Sellers maintain control, and breaking below 50 cents indicates their aim of targeting the crucial support level at 37 cents. Despite the challenging weeks ahead, there is hope that this key support level could halt the downtrend.
Dogecoin (DOGE)
The excitement surrounding Dogecoin dissipated in June, leading to a 7.4% loss for the week. Currently, the meme coin is attempting to hold above the key support level at 13.5 cents. In the past, buyers consistently rallied at this level, but multiple tests of the support may indicate weakness and be interpreted as bearish. It is essential that bulls fiercely defend this support, as failure to do so could result in new yearly lows for DOGE.
Polkadot (DOT)
DOT’s price action reflects that of XRP, failing to break the crucial resistance level at $7.6 and struggling to resume an uptrend. It experienced a 5.5% loss this week, with the current support level at $6 serving as the last defense against new lows in 2021. To avoid turning the chart bearish on a high timeframe, DOT must make a determined effort to prevent a lower low. Unless a broader crypto market recovery occurs, Polkadot and most other altcoins may face challenging times ahead.