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Crypto Price Analysis June-21: ETH, XRP, ADA, DOGE, and DOT

Crypto Price Analysis June-21: ETH, XRP, ADA, DOGE, and DOT

This week, we dive into the price action of Ethereum, Ripple, Cardano, Dogecoin, and Polkadot.

Ethereum (ETH)

Ethereum’s price remains stable and is currently above the crucial support level of $3,500. As long as this support holds, there is still hope for a potential reversal in the near future. However, the market seems indecisive about the next move, with the key resistance at $4,000. Bearish momentum indicators like the MACD on the weekly timeframe suggest that sellers have the upper hand at the moment. Ethereum appears to be waiting for a definitive shift, and if things don’t change soon, the support at $3,500 might face pressure once again.

Ripple (XRP)

After dropping below 54 cents, XRP experienced a bearish price action and that level became a significant resistance. However, this week saw a slight increase in buying pressure, pushing the price up by 2%. This could potentially bring back some optimism if the trend continues. Buying volume remains relatively low, but this recent push from buyers could indicate renewed interest whenever XRP’s price is below 50 cents. However, until the key resistance is broken, the hopes for a sustainable recovery or rally will have to wait.

Cardano (ADA)

ADA had a rough week, closing with an 8.5% loss. The past five weekly candles have all been in the red, as sellers pushed the price down to the key support at 37 cents. Buyers managed to hold the line at this support level, but the recent drop has solidified the grip of the sellers on ADA. It’s uncertain when they might release their hold, thus ADA finds itself in a challenging situation as the price made a lower low, indicating a potential continuation of the downtrend until a bottom is found.

Dogecoin (DOGE)

The hype around meme coins, like Dogecoin, seems to have waned after a strong start earlier this year. This week, DOGE’s price experienced a 13% drop, reaching a new local low. This correction might require more time to attract buyers. The current support level is just above 10 cents, which could pique buyer interest if it’s tested. However, this is also dependent on a broader market recovery. The overall chart appears bearish, so it’s advisable to wait for a support level to halt this ongoing correction before considering an entry.

Polkadot (DOT)

Polkadot’s price action has been disappointing this week, with an 11% drop. The cryptocurrency failed to maintain its position above $6.7, which has now become a resistance level. As a result, the key support level has shifted to $5.3. The trend remains bearish, and it may continue until the key support level is tested. If buyers can regain control at that point, DOT might establish a local bottom and attempt a recovery. However, Polkadot holders may have to endure more pain before a relief rally initiates. All eyes are now on the key support level to see if it can impede this latest push from sellers.