Crypto Price Analysis June 15: ETH, XRP, ADA, DOGE, and DOT
This week, we take a closer look at Ethereum, Ripple, Cardano, Dogecoin, and Polkadot.
Ethereum (ETH)
Ethereum lost its bullish momentum this week, closing with a 4.4% loss. Sellers took over the price action and pushed the cryptocurrency to the key support at $3,500. However, this pullback might be a normal retest, considering the massive breakout following the ETF confirmation. As long as buyers hold the price above $3,500, there is no reason for concern. This is the second time ETH has faced resistance at $4,000 this year. When this correction ends, a successful break of the $4,000 level might be on the horizon. The price is also making higher lows on the weekly chart, which is bullish.
Ripple (XRP)
Ripple faced a deeper pullback after being rejected at the 54-cent resistance, resulting in a 4% loss for the week. The short-term bias remains bearish. Buying interest is unlikely until the key resistance is broken. Sellers dominate the momentum and volume, but buyers could return at the 43 cents key support. XRP is in a tight spot, having failed to make a higher high in 2024. Unless this changes, XRP may struggle to capture market interest.
Cardano (ADA)
Cardano's price reached 80 cents earlier this year, but it has since entered a sustained downtrend, falling 6.5% this week. Sellers maintain control, currently targeting the crucial support at 37 cents. ADA might continue to face challenging weeks, but there is hope that the key support could halt the downtrend.
Dogecoin (DOGE)
Dogecoin excitement faded in June, closing the week with a 7.4% loss. Currently, DOGE is struggling to stay above the key support at 13.5 cents. Repeated tests of this level might signal bearish trends as it indicates weakness. Bulls must defend this support to prevent DOGE from hitting new lows this year.
Polkadot (DOT)
Polkadot's price action closely follows XRP. It failed to break the $7.6 key resistance and has since struggled to regain an uptrend, ending the week down 5.5%. The current support is at $6, the last level preventing new lows this year. DOT must avoid a lower low in 2024 to avoid turning the chart bearish on a high timeframe. Without a broader crypto market recovery, Polkadot may face further difficulties.
Conclusion
The overall market shows bearish trends this week, with Ethereum, Ripple, Cardano, Dogecoin, and Polkadot facing significant resistance or support levels. These cryptocurrencies need stronger bullish momentum to reverse current downtrends and regain investor interest.
