Ethereum experienced a loss of 4.4% this week, losing its bullish momentum. The price was pushed down to the key support level at $3,500 by sellers. However, this pullback might just be a normal retest following the significant breakout after the ETF confirmation. As long as buyers can maintain the price above $3,500, there is no immediate cause for alarm. It is worth noting that this is the second time this year that Ethereum has been rejected at the $4,000 resistance level. However, the ongoing pattern of higher lows on the weekly chart suggests a bullish sentiment. Therefore, once this correction phase ends, Ethereum may have a successful third attempt at breaking the key resistance level.
Ripple, on the other hand, faced a 4% loss this week after being rejected at the 54 cents resistance level. This rejection led to a deeper pullback, resulting in a bearish bias in the short term. The lack of buying interest is likely to persist until the key resistance level is breached. Currently, volume and momentum favor sellers, but there is a possibility of buyers stepping in at the 43 cents support level. Ripple’s inability to create a higher high in 2024 indicates a challenging road ahead to capture market attention.
Cardano witnessed a 6.5% decline this week as sellers retained control, pushing the price below 50 cents with an eye on the 37 cents support level. Despite briefly reaching 80 cents earlier in the year, Cardano has been on a sustained downtrend. The key support level may offer a glimmer of hope to halt the downtrend, but difficult weeks might lie ahead for Cardano.
The excitement around Dogecoin waned in June, resulting in a 7.4% loss for the week. The meme coin is currently struggling to stay above the 13.5 cents key support level. With repeated tests of this support indicating weakness, it is crucial for the bulls to defend this level to prevent new lows this year.
Polkadot mirrored Ripple’s struggles as it failed to break the $7.6 resistance level, leading to a 5.5% decline this week. The current support level at $6 is the last line of defense against new lows in 2024. It is imperative for Polkadot to avoid hitting a lower low to prevent a bearish trend from forming on a higher timeframe. Unless there is an overall market recovery, Polkadot may face challenges along with other altcoins in the near future.
The crypto market continues to be volatile, with each of the mentioned cryptocurrencies facing its unique set of challenges. While certain support levels offer hope for a turnaround, the overall market conditions will play a significant role in determining the future trajectory of these digital assets. Investors and traders need to monitor these developments closely to make informed decisions in this dynamic environment.
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