Crypto Price Analysis-June 21: ETH, XRP, ADA, DOGE and DOT
This week we will take a closer look at Ethereum, ripple, Cardano, dogecoin and Polkadot.
Ethereum (ETH)
Ethereum is at a similar price level to last week and is still trading above the key $3,500 support. As long as this level holds, buyers have a chance to bounce back later.
The key resistance is at $4,000 and the market seems very indecisive about where to go next. Momentum indicators such as the MACD on the weekly time frame have a bearish trend, giving sellers the upper hand at the moment.
Looking ahead, Ethereum seems to be awaiting a decisive move. If something doesn’t change soon, the $3,500 support could come under pressure again soon.
Chart by TradingView
Ripple (XRP)
After XRP fell below 54 cents, price action turned bearish and this level became a significant resistance. This week the selling pressure eased and buyers managed to increase the price by 2%. If it continues, this could bring back some optimism.
While buying volume remains low, this latest move from buyers could signal a return of interest in XRP once its price drops below 50 cents.
Looking ahead, XRP remains in a wide range and any hope of a sustainable rebound or rebound will have to wait until key resistance is broken.
Chart by TradingView
cardano (ADA)
ADA had a bad week and closed with a loss of 8.5%. The past five-week candle has been in the red and this latest move by the sellers has moved the price to key support at 37 cents.
Buyers managed to hold off the attack towards the main support and for now the price seems to be valid here. However, this latest decline has solidified the seller’s grip on ADA, and they may not be able to let go anytime soon.
Looking ahead, ADA is in a difficult situation because its price has reached a lower low, which suggests that the downtrend may continue for a while until it finds a bottom.
Chart by TradingView
Dogecoin (DOGE)
Meme money season appears to be over after a great start earlier in the year. This week alone, DOGE’s price dropped 13%. With the new local low, this correction may take longer to find buyers.
Current support is just above 10 cents and this could be tested considering the downtrend. If this happens, buyers may show interest at this level again, but this also depends on the recovery of the overall market.
The chart is in a downward trend.
Chart by TradingView
Polka Dot (DOT)
DOT’s price action has been disappointing after falling 11% this week. This latest crash comes after the cryptocurrency failed to hold above $6.7, which currently acts as resistance. Due to this latest decline, key support has also moved to $5.3.
The trend is bearish and may continue downtrend until key support is tested. If buyers manage to get back there, DOT could form a local bottom and attempt a recovery.
Looking ahead, polkadot holders may experience more pain before a relief rally begins. All eyes are now on key support to see if it can stop this latest move from the sellers.
Chart by TradingView
The post June 21 Crypto Price Analysis: ETH, XRP, ADA, DOGE and DOT appeared first on CryptoPotato.
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