Ethereum (ETH)
With the market turning red, Ethereum’s price has fallen to the key support at $1,820, losing 1.7% this week. It is critical for you as a buyer to hold here, as the alternative is grim and you may see ETH approach $1,600 next.
- The current resistance is found at $2,000, and the price has always been rejected when it approached this level.
- Considering that the current bias is bearish, it is unlikely for ETH to test the resistance any time soon.
- This cryptocurrency lacks the momentum to bring about a relief rally, and the best it can do right now is to stay above the key support.
- However, sellers may be encouraged to press their attack and take ETH lower if the momentum continues to favor them.
Ripple (XRP)
Ripple (XRP) has also experienced a decline in price this week. It is currently trading at $0.55, losing 2.3%.
- Resistance for XRP is at $0.60, and it has struggled to break past this level in recent times.
- The bearish bias in the market makes it unlikely for XRP to test the resistance soon.
- If sellers gain momentum, XRP may see further decline.
Cardano (ADA)
Cardano (ADA) is facing a similar situation, with its price dropping to $1.30, losing 3.5% this week.
- The resistance for ADA is at $1.40, and it has failed to surpass this level in the past.
- With the current bearish trend, ADA may struggle to reach the resistance in the near future.
- Sellers could take advantage of the momentum and push ADA’s price even lower.
Shiba Inu (SHIB)
Shiba Inu (SHIB) has seen a significant drop in price, currently trading at $0.000008, losing 5.2% this week.
- The resistance for SHIB is at $0.000009, and it has been unable to break through this level.
- Given the current bearish sentiment, it is unlikely for SHIB to test the resistance in the near future.
- Sellers may continue to dominate the market and push SHIB’s price lower.
Dogecoin (DOGE)
Dogecoin (DOGE) has also experienced a decline in price, currently trading at $0.20, losing 2.7% this week.
- The resistance for DOGE is at $0.22, and it has struggled to break above this level.
- The bearish market conditions make it unlikely for DOGE to reach the resistance anytime soon.
- If sellers maintain their advantage, DOGE’s price could drop further.
Hot Take
This week has been challenging for Ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin as all of these cryptocurrencies have seen a decline in price. The bearish market conditions and resistance levels have made it difficult for these coins to see any significant upward movement. Sellers may continue to dominate the market, pushing prices even lower. It’s important for buyers to hold key support levels in order to prevent further decline. The future of these cryptocurrencies will depend on market sentiment and whether buyers can regain control.
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