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

This week, we take a closer look at Ethereum, Ripple, Cardano, Dogecoin, and Polkadot.

Ethereum (ETH)

This week was brutal and Ethereum fell by 16%. Much of the market is in the red with double-digit losses across the board, including Bitcoin. The reasons for this decline can be tied to some major actors selling BTC, such as Germany or MetGox.

In any case, the price of ETH has been in free fall and is now testing the support at $2,800. If this level does not hold, the price could quickly move towards $2,500.

Looking ahead, Ethereum has made a new low and this is a bearish sign. It may very well be that the Bears will continue to dominate before the recovery arrives.

Ripple (XRP)

XRP is in the same boat as ETH and has fallen by 15% this week. The price lost support at 43 cents which has now turned into resistance.

The support around 38 cents looks weak, especially if the market leaders (ETH and BTC) show weakness. Altcoins like XRP cannot hold their own when most of the market is in the red.

Looking ahead, it is best to wait for the bottom to form where buyers will show interest. Until then, any buys at these levels are speculative, with no indication that this price action will reverse.

Cardano (ADA)

ADA made new lows this week after falling 14 percent. Current support is at 31 cents. The trend is weak and the pressure on this support level may continue in the next few days.

Although this has eased recently, buyers have been very shy. This shows weakness and lack of interest. If nothing changes, then Cardano may fall below 30 cents in the coming days.

Looking ahead, ADA is in for a tough time considering prices have returned to levels from 2023 when we were in a full bear market. The Bulls' comeback now seems far off.

Dogecoin (DOGE)

This summer, meme coins were almost forgotten and DOGE was not spared. It fell 23 percent this week. This is a huge loss of confidence in this cryptocurrency that thrives on speculation. The price shows when buyers are not available.

The current support at 9 cents does not inspire confidence and could fall quickly if the market remains weak. In such a case, DOGE will also return to levels not seen since the last bear market.

The trend is weak and DOGE may continue to struggle in the coming weeks, especially as meme coins are thriving and not fully available at the moment.

Polkadot (DOT)

DOT joins a long list of altcoins that have gone red and are down 15% this week alone. The price has found some relief at the $5.3 support, but as mentioned earlier, this could be temporary if the market continues to weaken.

Bears have dominated the market since the end of March and the selling volume continues to rise with each new low. This reaffirms a bearish trend that shows no signs of reversing.

Looking ahead, if the North direction changes for Polkadot, the price could find itself below $5 in the coming weeks.

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