This week has seen Ethereum, Ripple, Cardano, Pepe, and Dogecoin take center stage in the cryptocurrency market. Ethereum has fallen by 7.4% since the market turned red, and the $1,800 level has become a resistance level, signaling a significant change in the structure. The momentum has turned bearish, and the coming week may see a test of the key support at $1,660, especially if Bitcoin continues with its correction. If the $1,660 support holds, Ethereum may maintain its macro uptrend, but if not, bulls will be in a difficult position as this could pave the way for the cryptocurrency to revisit levels not seen since March 2023.
Ripple Downtrend Accelerates
Ripple’s downtrend has accelerated this week, resulting in an 8% loss in valuation. The support at 44 cents has turned into resistance, and buyers have retreated to the 40 cents level. Historically, this has been a critical point where the price pivoted and reversed. However, sellers are currently in charge, and it seems more likely that XRP’s price will fall until the 40 cents support is reached. Once there, the reaction to this level would likely determine the short-term trend.
Cardano Falls by 7.7%
Cardano fell by 7.7% this week, with the head and shoulders reversal pattern confirmed. It is now less likely that the price will stop until it hits the support at 34 cents. The momentum indicators, such as the MACD and RSI, are bearish and falling to lower lows. The daily RSI is under 40 and still has room to hit the oversold area. If buyers don’t return at the 34 cents support, the next likely candidate will be found at 30 cents.
Pepe Crashes by 37%
Pepe’s spectacular performance ended in an equally spectacular crash, with the meme coin falling by 37% in the past week and over 75% from its all-time high. The Binance listing turned out to be a top event, but the price has not stopped falling since. PEPE has support at $0.0000010, but any support for this meme coin is fragile, and it would not be surprising to see it crash by over 90% if the overall market remains bearish.
Dogecoin Falls by 10.5%
Dogecoin did not find any buyers this week and fell by 10.5%. The momentum favors sellers, and the daily RSI is approaching the oversold area at 30 points, which could provide buyers with an opportunity to stop the downtrend at the key support level. Looking ahead, a test of the key support appears imminent, and DOGE has failed to gather enough strength to enter into an uptrend.
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