Crypto Price Analysis June-21: ETH, XRP, ADA, DOGE and DOT
This week, we take a closer look at Ethereum, Ripple, Cardano, Dogecoin, and Polkadot.
Ethereum (ETH)
Ethereum is at the same price level as last week and is still trading above key support at $3,500. As long as this level exists, buyers still have a reverse move later.
The key resistance is at $4,000, and it seems very unclear where the market should go next. Breakout indicators on the weekly timeframe, such as the MACD, have a bearish bias, which now gives the sellers the upper hand.
Looking ahead, Ethereum seems to be waiting for a decisive move. Unless something changes soon, support at $3,500 may soon come under pressure again.
Ripple (XRP)
After XRP fell below 54 cents, the price action turned bearish and this level became key resistance. This week the selling pressure disappeared and buyers were able to raise the price by 2%. If this continues, it may bring some optimism.
While buying volume remains low, this recent push from buyers could indicate that interest will return to XRP once the price falls below 50 cents.
Looking ahead, XRP remains in a large range, and until key resistance is broken, the prospect of a sustained recovery or rally should be on hold.
Cardano (ADA)
ADA had a bad week and closed with a loss of 8.5%. The last five weekly candles are red, and this latest push by sellers took the price to key support at 37 cents.
Buyers were able to stop the attack at key support, and for now it looks like the price is here to stay. However, this latest drop has strengthened the vendor's grip on ADA, and they may soon release it.
Looking ahead, ADA is in a difficult position as the price is low, indicating that the downtrend may continue for some time until the bottom is found.
Dogecoin (DOGE)
The meme coin season seems to be over after a great start to the year. This week alone, the price of DOGE has dropped by 13%. With the new local low, this correction may require more time to find buyers.
Current support is above 10 cents and can be tested with this bearish trend in mind. If so, buyers may be interested again at that level, but this depends on the recovery in the overall market.
Looking ahead, the chart is bearish, and it's best to wait until a support level stops this ongoing correction before considering an entry.
Polkadot (DOT)
The DOT's rate action was disappointing after falling 11 percent this week. This latest breakdown comes after the cryptocurrency failed to hold above $6.7 which is now acting as resistance. As a result of this recent decline, key support has moved to $5.3.
The trend is bearish, and may remain bearish until key support is tested. If buyers can get back there, DOT can establish the local bottom and try to get it back.
Looking ahead, Polkadot owners may experience more pain before the relief rally begins. All eyes are now on key support to see if it can stop this latest push by sellers.
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