This week, we’ll take a closer look at Ethereum, Ripple, Cardano, Pepe, and Dogecoin.
With the market in the red, Ethereum fell by 7.4% this week. In the process, the key level of $1,800 became a resistance. This highlights a major structural change and puts bears in control of price action.
Momentum has turned bearish, and a test of key support at $1,660 appears likely in the coming week. This will be more so if Bitcoin continues its correction.
Looking ahead, if the key support at $1,660 holds, Ethereum may continue its macro uptrend (higher lows). If not, then the bulls will be put in a very difficult position, because it will open the way for this cryptocurrency to return to levels not seen since March 2023 (below $ 1,500).
Ripple’s downtrend accelerated this week and resulted in an 8% loss in valuation. With support at 44 cents gone and becoming resistance, buyers retreated to the 40 cents level.
Historically, this is a critical point where price pivots and reverses. If the buyers come back, XRP can stop its correction.
Looking ahead, the sellers are in charge, and the most likely scenario is the price of XRP falling to the support of 40 cents. If it is, its reaction to this level is likely to determine the short run.
With the head and shoulders reversal pattern confirmed, the ADA fell by 7.7% this week. It seems unlikely that the price will stop until the support at 34 cents is hit. This price action is quite similar to XRP, and buyers are likely to be absent until key support is hit.
Momentum indicators, such as MACD and RSI, are bearish and have fallen to lower lows. The daily RSI is below 40 and still has room until it hits the oversold area (below 30). With a bearish MACD, it indicates that sellers will likely continue to dominate for some time.
Looking ahead, this cryptocurrency remains bearish. If buyers do not return to the 34 cents support, then the next likely candidate will be found at 30 cents, which is also a key psychological level.
The incredible performance from PEPE ended with a spectacular crash. This meme coin has crashed 37% in the past week and is over 75% from its all-time high. What’s worse, the selling pressure has intensified in the past few days. This suggests that some holders have given up and taken the loss.
The Binance listing became a major event, and the price has not stopped falling since. PEPE is also the worst performer on our list this week. In a way, this is not surprising, considering that the level of FOMO and hype reached peak irrationality around that time.
Going forward, PEPE has support at $0.0000010. However, any support for this meme coin is fragile, and considering its supply, it would not be surprising to see it crash by over 90%. This is more likely if the overall market remains bearish.
With Dogecoin completely covered by PEPE, this meme coin found no buyers, and its price fell by 10.5% in the past seven days.
Since the momentum favors the sellers, the daily RSI is rapidly approaching the oversold area of 30 points. This will give buyers an opportunity to stop the downtrend at key support levels. Current resistance is at 7.5 cents.
Looking ahead, a test of key support appears imminent. On the weekly timeframe, the price action of 2023 shows a flat trend, and DOGE failed to gather enough strength to enter an uptrend.
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