This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Dogecoin.
Ethereum (ETH)
After a significant rally from $1,660, Ethereum failed to move above $1,930 while the overall market turned bearish. Since then, ETH entered a correction and has lost 3.3% of its valuation this past week.
Fortunately for buyers, the support at $1,820 seems solid, and so far, the price managed to hold above. However, if the selling pressure intensifies, the support might fail.
Looking ahead, ETH’s price action indicates a loss of momentum for bulls, which could turn into a more significant correction. It is critical that the key support holds.
Ripple (XRP)
Since the rejection at 53 cents, XRP entered a significant correction that took the price all the way to 45 cents. In the process, this cryptocurrency lost 8.7% in the past seven days.
Even if this correction continues, XRP has good support at 44 cents. This level was a key reversal point in the past, and buyers have a good chance to return at that moment.
Looking ahead, XRP continues to be bearish, but with the support close by, it could attempt a reversal in the coming week. This is contingent on the overall market, which hesitated to move higher over the past few days.
Cardano (ADA)
Unfortunately for Cardano holders, the cryptocurrency failed to hold above 30 cents. This gave sellers the upper hand, and they pulled down the price by 9.3% in the past seven days, making ADA the worst performer on our list.
While momentum may be bearish at this time, the support at 24 cents seems likely to put up a good fight should sellers attempt to revisit it.
Looking ahead, ADA may continue to fall in the near term, but buyers are likely to come back as soon as the discount on the price becomes too attractive to pass, similar to early June.
Binance Coin (BNB)
Binance Coin had a difficult month in June after falling from $300 all the way to $220. The price continues to be bearish and has lost 7.3% this week.
With good support at $230, BNB could hope for a reversal if buyers manage to hold at this key level. In the past, the price bounced here but was stopped at the $260 resistance.
Looking ahead, this cryptocurrency has a difficult future considering that regulatory pressure on Binance will likely be reflected in BNB’s price.
Dogecoin (DOGE)
In mid-June, Dogecoin had a good opportunity to rally, but bears did not allow the price to move above 7 cents. Since then, DOGE turned bearish and lost 7.9% only this week.
The current resistance is found at 6.5 cents, and the current support at 5.7 cents. With momentum favoring sellers right now, it is hard to see how DOGE can reverse this downtrend.
Looking ahead, if bears continue to dominate in the coming week, then a test of the key support at 5.7 cents appears probable.
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