July 12 Crypto Price Analysis: ETH, XRP, ADA, DOGE and DOT
This week we take a closer look at Ethereum, ripple, Cardano, dogecoin, and Polkadot.
Ethereum (ETH)
After a rocky start in July, Ethereum has jumped 7% this week, recouping some of its recent losses and pushing the price above $3,000 in the process.
The biggest challenge for ETH right now is to maintain this momentum and push higher. Buyers came in strong earlier this week but have been absent since yesterday and the price shows it.
Looking ahead, the second-largest cryptocurrency still has good support at $2,800, so if the bears manage to push ETH lower again, buyers are likely to return there.
Chart by TradingView
Ripple (XRP)
XRP has impressed with a 15% bounce from the 38 cents support this week. At this rate, the price could even test the major resistance at 54 cents in the near future.
This strong bullish comeback comes after a long period where the price was in a relentless downtrend. This could be the reversal or dead cat bounce that the community has been waiting for. At the time of writing, it’s too early to say for sure how this will play out.
Looking ahead, XRP needs to maintain this momentum for confidence in this price move to grow.
Chart by TradingView
cardano (ADA)
Similar to XRP, ADA made a strong bounce from the 31 cents support and closed the week with an impressive 22% gain. Also, 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 recent losses. Current resistance is at 46 cents and buyers should target that next if they want to get serious about a sustainable reversal.
Looking ahead, the market appears to have reached a turning point where buyers are returning. The question now is whether they can sustain the uptrend for more than a few days.
Chart by TradingView
Dogecoin (DOGE)
This week DOGE finally showed some signs of life with a 10% bounce from its 9 cent support. This was much needed but buyers remain hesitant as they were only able to dominate for a few days this week.
The current momentum does not inspire confidence that DOGE can challenge the resistance at 13 cents, and a retest of 9 cents is likely if buyers do not come back.
Despite this recent rise, the trend remains bearish. This bias will only change once key resistance falls.
Chart by TradingView
Polka Dot (DOT)
While DOT made an impressive bounce from the $5.3 support, buyers have not been able to follow suit recently. Still, the cryptocurrency closed the week with a 9% price increase, a welcome change from the past.
So far the price has bounced between key levels with $6.7 acting as resistance. This level has not really been challenged to date and we expect buyers to attempt a breakout in the near future.
Looking ahead, polkadot appears to have stopped its downtrend and switched to a flat trend with the price bouncing between key levels, so the bias is currently neutral.
Chart by TradingView
The post July 12 Crypto Price Analysis: ETH, XRP, ADA, DOGE, and DOT appeared first on CryptoPotato.
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