Ethereum (ETH)
The overall cryptocurrency market has taken a downturn, and Ethereum (ETH) has experienced a 15% drop over the past week. With support levels now broken, Ethereum is finding it difficult to regain traction, and there is a potential for further decline to around $1,300, where the next significant support level lies. Looking ahead, there is little to prevent this downtrend from continuing. If the current sentiment does not shift soon, we could see Ethereum retesting the lows witnessed in December 2022, potentially falling to around $1,000.
Ripple (XRP)
XRP experienced a brief rally fueled by optimism surrounding its ongoing lawsuit, with hopes that it could win against the SEC. However, this rally was short-lived, and the cryptocurrency quickly lost its gains, dipping by 3% this week. Despite this, XRP has shown resilience compared to many other altcoins, which are nearing their 2022 lows. With strong support at 34 cents, XRP is holding up better than most other coins in the market. Looking ahead, XRP seems to be in a phase of consolidation around the 30-cent mark, and we may see it move sideways in the coming weeks. The critical point to watch is the support level around 34 cents. If this support breaks, it could open the door for further downward movement.
Cardano (ADA)
Cardano’s price continues to face downward pressure, following a significant correction that began in mid-February. This week, ADA lost another 15% of its value, and the selloff appears to be accelerating with no signs of recovery in sight. The support at 28 cents is holding for now, but if it fails to sustain, the next key level to watch will be 24 cents. On a technical note, the Relative Strength Index (RSI) indicator suggests that Cardano is currently oversold on the daily timeframe. This could lead to a short-term bounce if the cryptocurrency hits the 28-cent support level.
Dogecoin (DOGE)
Dogecoin has struggled to maintain its position above the critical 7-cent support level, which has now become resistance. As a result, DOGE has suffered a 21% loss this week, making it one of the worst performers in the market. With bears in full control, it seems highly likely that the next support level at 5 cents will be tested. This could present an opportunity for buyers looking for a better entry point for a potential rebound in the next market cycle. Looking ahead, the outlook for Dogecoin remains bearish as the price continues to struggle under the pressure of the prevailing downtrend.
Polygon (MATIC)
Polygon has seen a sharp decline in its valuation, losing 22% this week and emerging as the worst performer on our list. This breakdown in market structure signals a significant shift in the price action. With the support level at $1 now turned into resistance, buyers have lost a key psychological level, giving bears full control of the market sentiment. This is a concerning development for those hoping for a recovery. Looking ahead, Polygon is likely to test the next critical support level at 75 cents. However, the price may experience a short-term bounce before reaching this level, as bears could become exhausted after the rapid selloff over the past few days.
