Ethereum (ETH) (ETH)
Following an encouraging start to the week, ETH’s momentum shifted bearish on Wednesday, and the price has since been falling towards the critical support level of $2,500. Overall, the cryptocurrency’s price has risen by 5.7 percent in the last seven days. However, if this correction does not end soon, the majority of the recent gains will be forfeited.
Because of the rejection at $3,000, ETH now appears to be weak and has made a lower high. Buyers must defend their support. Otherwise, it may fall even further. The indicators are also reversing, and optimism is fading quickly. Looking ahead, the price could easily drop to the $2,500 level before a new attempt at a breakout.
Ripple (XRP)
XRP has been stuck in a range between $0.86 and $0.70 for the past two weeks. Last week, there was some sharp volatility when XRP fell below $0.70 due to the Ukraine conflict, but the price quickly recovered and managed to book a 6.3 percent price increase in the previous seven days.
Despite the most recent relief rally, XRP is still unable to break through the $0.86 resistance level. Sellers appear to have the upper hand, as the price has remained below this level. A retest of the support appears to be on the way, putting buyers under pressure once more.
Luna
Luna continued to defy the market this week, nearly reaching its all-time high of $103 when the price reached $97 before a pullback occurred. The cryptocurrency is currently consolidating just below the all-time high resistance. Overall, Luna performed admirably, increasing its price by 40% in seven days.
This allowed it to surpass Avalanche, Solana, and Cardano in terms of total market capitalization, and it is now ranked seventh (CoinGecko) and is closely vying for sixth place with Ripple. The indicators are still bullish, but they are showing signs of exhaustion.
The MACD histogram is making lower highs, which could indicate that buyers no longer have the tenacity to push Luna higher, especially after such a massive rally and because the overall market is weak.
Cosmos (ATOM)
ATOM managed to break its downtrend last week, and the price has been steadily rising since then. The price has increased by 36% in the last seven days, matching Luna’s performance.
The next key resistance level for ATOM is found at $36 and the price is likely to test this level before a potential pullback. The indicators are also bullish, with no signs of exhaustion as seen on the price chart for Luna. As a result, ATOM appears to have enough momentum to test the resistance level before a correction.
The current support level is $30, and ATOM appears unlikely to fall below this level in the near term as the momentum is still firmly on the buyers’ side.
Proximity Protocol (NEAR)
Near Protocol broke out of its downtrend on strong volume three days ago and quickly rallied to $12 before a pullback pushed the price back to the key support level of $10. Near has been in a clear short-term bullish trend since the breakout, with a 33 percent price increase in the last seven days.
The indicators are clearly positive and follow the same pattern as the price chart for ATOM. The MACD and RSI are both rising, but there is some concern about the volume, which has dropped dramatically since the breakout.
Looking ahead, NEAR is likely to retest the key resistance level of $12. If the volume continues to rise in the coming days, the cryptocurrency will be well-positioned.