Crypto Price Analysis-June 15: ETH, XRP, ADA, DOGE and DOT
This week we will take a closer look at Ethereum, ripple, Cardano, dogecoin and Polkadot.
Ethereum (ETH)
Ethereum lost its bullish momentum this week and closed with a loss of 4.4%. Sellers took over the price action and pushed this cryptocurrency to the key $3,500 support.
However, considering the big breakout following the ETF approval, this pullback may turn into a normal retest. As long as buyers keep the price above $3,500, there is no need to worry.
Looking ahead, this is the second time ETH has been rejected by the $4,000 resistance this year. Once this correction ends, a third attempt to break this key level may be successful. Moreover, the price continues to make higher lows on the weekly chart, indicating a bullish trend.
Chart by TradingView
Ripple (XRP)
After XRP was rejected by the resistance at 54 cents, the price entered a deeper pullback. Therefore, this cryptocurrency closed the week with a 4% loss and the trend is downward in the short term.
It seems unlikely that buying interest will return to XRP until this key resistance is broken. Volume and momentum currently favor sellers, but buyers may return to key support at 43 cents.
Looking ahead, XRP is in a tough spot. It has failed to reach a higher peak in 2024, and unless this changes, this cryptocurrency is unlikely to attract market attention.
Chart by TradingView
cardano (ADA)
This year, ADA’s price action was more exciting compared to XRP as it briefly reached 80 cents. However, from that moment on, the cryptocurrency entered a continuous downward trend. This is why the price dropped 6.5% this week.
Sellers continue to have the upper hand and don’t seem satisfied after getting the price below 50 cents. They currently appear to be targeting 37 cents, which is the most important support on the chart.
Looking ahead, ADA may continue to face some challenging weeks. But there is hope that key support can put an end to this downward trend.
Chart by TradingView
Dogecoin (DOGE)
The excitement around Dogecoin died down in June, with the price closing this week down 7.4%. At the time of writing, this meme coin is trying to stay above the major support at 13.5 cents.
Over the past months buyers have always returned strongly to the key support, but it can be interpreted as bearish as repeated tests of this level indicate weakness.
Looking ahead, bulls need to do their best to defend key support. Failure here could see DOGE quickly hit new lows this year.
Chart by TradingView
Polka Dot (DOT)
DOT’s price action mirrors the price action of XRP. It failed to break the main resistance at $7.6 and has been struggling to return to the uptrend ever since. Its price also fell by 5.5% this week.
Current support is at $6, which is the last level that could keep the price away from new lows this year. DOT should do everything it can to avoid a lower low in 2024, as this would cause the chart to enter a bearish trend on a high time frame.
Looking ahead, polkadot continues its downward trend. Unless the overall crypto market recovers, this cryptocurrency, along with most other altcoins, may have a hard time.
Chart by TradingView
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