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ETH, XRP, ADA, DOGE and DOT — TradingView News
This week we take a closer look at Ethereum, Ripple, Cardano, Dogecoin and Polkadot.
CryptoPotatoEthereum (ETH)
Ethereum has fallen 3% this week and buyers appear to be struggling to defend key support at $3,500. So far they have managed to avoid a breakdown. If sellers keep up the pressure, ETH could have a tough week ahead.
The last five weekly candles have closed with a lower low. This puts the second-largest cryptocurrency in a clear downtrend. To reverse this situation, ETH needs to break above $3,700. This would also open the way to challenge the key resistance at $4,000.
Looking ahead, Ethereum price is at a turning point. Buyers need to defend support at all costs, otherwise ETH could quickly drop towards $3,000. Ripple (XRP)
XRP seems to mirror ETH and is down 2.7% this week as well. The last five weekly candles have closed in the red, but the price action shows some indecision from the bears due to declining volume on the sell side.
The price has managed to stay well above the 46 cents level so far and is moving sideways on the daily chart. If the bulls hold here, they may aim to challenge the resistance at 54 cents later.
Looking ahead, XRP could consolidate below 50 cents before another attempt to break higher. We hope that the key resistance can break on the next attempt to bring this cryptocurrency back to an uptrend.Cardano (ADA)
ADA had a much better week after its price rose 4.8%. The key support at 37 cents held well and this allowed buyers to go back on the offensive.
So far, sellers seem absent, but they could return soon if the overall market remains bearish. However, as long as they hold key support, this could signal that the correction for ADA is over.
Looking ahead, ADA must maintain this bullish momentum and aim to challenge the resistance at 46 cents.
Dogecoin (DOGE)
Last week, DOGE went through a tough time after its price fell below the 13.5 cents support. This week, the price managed to move sideways and stop this correction due to low volatility. Sellers also seem to have lost interest.
Current support is at 10 cents and bears have not touched this level at the time of this post. A test could follow later if buyers fail to push DOGE into an uptrend.
The chart remains bearish, but this is an opportunity for buyers to take a position and take control of the price action.
Dots (DOT)
DOT has finally recovered after an excellent bounce at the key support of $5.3. The price has also increased by 10% this week, making it the best performer on our list.
The biggest challenge for the bulls is the key resistance at $6.7. This reversal must be broken if buyers want to regain full control of this cryptocurrency.
Looking ahead, Polkadot promises a sustained turnaround. To confirm this, he looks at the key resistance that will decide where DOT will go.