Crypto Price Analysis July-05: ETH, XRP, ADA, DOGE and DOT
This week we take a closer look at Ethereum, ripple, Cardano, dogecoin, and Polkadot.
Ethereum (ETH)
This week has been brutal, with Ethereum down 16%. Most of the market is in the red with double-digit losses, including Bitcoin. The reasons for this decline could be attributed to Germany or some major players selling BTC, such as Mt. Gox.
In both cases, the price of ETH is in freefall and is currently testing the support at $2,800. If this level is not held, the price could quickly rally to $2,500.
Looking ahead, Ethereum has recorded a lower low, which is a bearish signal and it is possible that the bears will continue their dominance before a recovery comes.
Chart by TradingView
Ripple (XRP)
XRP is in the same boat as ETH and is down 15% this week. The price also lost support at 43 cents, which has now turned into resistance.
The current support around 38 cents looks fragile, especially if the market leaders (ETH and BTC) continue to show weakness. Altcoins like XRP cannot hold their own when the market is largely in the red.
Looking ahead, it is best to wait for a bottom to form where buyers show interest. Until then, any buying at these levels will be speculative and there is no indication that this price action will reverse.
Chart by TradingView
cardano (ADA)
ADA has also moved lower following a 14% crash this week. Current support is at 31 cents. The trend remains bearish and pressure on this support level is likely to continue over the next few days.
Buyers have been very reserved despite this recent drop. This shows weakness and lack of interest. If nothing changes, Cardano could drop below 30 cents in the coming days.
Looking ahead, ADA is in for a tough time, considering its price is likely to return to levels seen in 2023, when we were in a full-on bear market. A comeback for the bulls seems far away at the moment.
Chart by TradingView
Dogecoin (DOGE)
Meme coins were almost forgotten this summer and DOGE has not been saved. It has also fallen by 23% this week. This is a huge loss of confidence in this cryptocurrency that thrives on speculation. The price shows this in the absence of buyers.
The current support of 9 cents does not inspire confidence and could fall rapidly if the market continues its downtrend, in which case DOGE would return to levels not seen since the last bear market.
The trend remains bearish and DOGE may continue to struggle in the coming weeks, especially with meme coins developing with a level of enthusiasm that is currently completely absent.
Chart by TradingView
Polka Dot (DOT)
DOT also joins the long list of altcoins that are in the red and have dropped by 15% this week alone. The price has found some relief at the $5.3 support but as previously mentioned, this could be temporary if the market remains weak.
Bears have dominated the market since late March, and selling volume continues to increase with each new decline. This reaffirms a downtrend that shows no signs of reversing.
Looking ahead, if polkadot changes direction north, its price could remain below $5 in the coming weeks.
Chart by TradingView
The post July 05 Crypto Price Analysis: ETH, XRP, ADA, DOGE, and DOT appeared first on CryptoPotato.
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