This week, we take a closer look at Ethereum, Ripple, Cardano, Dogecoin, and Polkadot.
Ethereum (ETH)
After a difficult start in July, Ethereum bounced by 7% this week and recovered some of the most recent losses. In the process, the price also broke above $3,000.
The biggest challenge right now is for ETH to keep this momentum and push higher. Buyers came strong earlier this week, but since yesterday, they have been absent and the price shows it.
Looking ahead, this second largest cryptocurrency still has good support at $2,800. Therefore, if bears manage to take ETH lower again, buyers are likely to return there.
Ripple (XRP)
XRP impressed this week with a 15% bounce off the 38 cents support. At this rate, the price may even test the key resistance at 54 cents in the near future.
This strong return by bulls comes after a long period where the price was in a non-stop downtrend. This could be the reversal the community has been waiting for or a dead cat bounce. It is too early to say for sure how this will play at the time of this post.
Looking ahead, XRP has to maintain this momentum if confidence in this price action is to increase.
Cardano (ADA)
In a similar way to XRP, ADA had a strong bounce off the 31 cents support and closed the week with an impressive 22% bounce. Moreover, if nothing changes by Sunday, ADA will form a bullish engulfing candle on the weekly chart.
This bounce is promising and has erased some of the most recent losses. The current resistance is at 46 cents and buyers should aim for that next if they want to be serious about a sustained reversal.
Looking ahead, the market appears to have reached a pivot point where buyers returned. The question now is if they can sustain an uptrend for more than a few days.
Dogecoin (DOGE)
This week, DOGE finally showed some signs of life with a 10% bounce off its 9 cents support. This was much needed, but buyers continue to remain shy after they only dominated for a few days this week.
The current momentum does not give confidence DOGE can challenge the resistance at 13 cents and a re-test at 9 cents is likely if buyers become absent again.
The trend remains bearish despite this recent bounce. This bias will change only when the key resistance falls.
Polkadot (DOT)
While DOT had an impressive bounce off the $5.3 support, buyers did not really follow through lately. Still, this cryptocurrency closed the week with a 9% price increase which is a welcomed change compared to the past.
So far, the price is bouncing between the key levels with $6.7 serving as a resistance. This level was not really challenged to date and hopefully buyers will attempt a breakout in the near future.
Looking ahead, it appears Polkadot has stopped the downtrend and has moved into a flat trend with the price bouncing between the key levels. Therefore, the bias is neutral at this time.
