This week, we saw some significant drops in the prices of popular cryptocurrencies like Ethereum, Ripple, Cardano, Dogecoin, and Polkadot.
Ethereum (ETH) took a hard hit, dropping by 16% and testing the support level at $2,800. If this support does not hold, we may see a further decline to $2,500. The bearish trend is strong, and it may take some time for a recovery to occur.
Ripple (XRP) also experienced a 15% drop, losing support at 43 cents. The current support at 38 cents seems fragile, especially with market leaders like ETH and BTC showing weakness. It’s best to wait for a clear bottom before considering any buys.
Cardano (ADA) crashed by 14% this week, making a lower low and testing support at 31 cents. The lack of buyer interest indicates a bearish trend that may push the price below 30 cents in the coming days. ADA is currently struggling to find support at levels reminiscent of the 2023 bear market.
Dogecoin (DOGE) saw a 23% drop this week, highlighting a loss of confidence in meme coins. With buyers absent, the price may continue to fall, possibly returning to levels seen during the last bear market. The bearish trend is strong, and DOGE may face more challenges ahead.
Polkadot (DOT) also dropped by 15% this week, finding temporary relief at the $5.3 support level. However, if the market remains weak, this support may not hold, leading to a further decline below $5. The bearish trend for Polkadot shows no signs of reversing anytime soon.
Overall, the cryptocurrency market is facing significant challenges, with most major coins experiencing losses. It’s important for investors to conduct thorough research and consider the risks before making any investment decisions. The current bearish trends suggest that caution is advised in these volatile times.