This week, we take a closer look at Ethereum, Ripple, Cardano, Luna, and Polygon
Ethereum (ETH)
Despite a hopeful week when ETH appeared ready to break higher, the price action quickly turned around on Thursday, bringing ETH back on the key support at $2,980. The key resistance at $3,160 remains firm in place, and ETH closed the past seven days without a significant change in price.
The cryptocurrency trades in a range between the key levels set in early April. The consolidation taking place now will likely lead to a significant breakout once the market forces lose equilibrium. The indicators also give mixed signals due to the lack of a clear trend.
Looking ahead, ETH may continue to range, particularly over the weekend when the volume is typically low. The most probable candidate for a significant change in this price action will be the coming Monday. This day of the week has been quite eventful lately (see 11 April price action when ETH dropped almost 8%).
Chart by TradingView Ripple (XRP)
XRP is found in a downtrend within a large range where the price is now approaching the key support level at $0.70. The last time its price reached this level, buyers were quick to rush and push XRP much higher. Unfortunately for the bulls, any attempted rally in April was reversed by sellers. This made XRP’s price also close the past seven days without any significant change.
With bears in control of the price action, the resistance levels are found at $0.79 and $0.86. It is unlikely that XRP will be able to stop the ongoing downtrend and its biggest test in the coming week will be found at the key support level.
Considering that the MACD on the daily timeframe has turned negative again yesterday, the bias is currently bearish for XRP. However, the price has to break below the key support to confirm it. The coming week will be decisive, bearing in mind this price action.
Chart by TradingView Cardano (ADA)
Buyers failed yet again to return ADA’s price above $1 and closed the past seven days in red with a 2% loss. The key support is found at $0.79, and the price appears on a clear path to test this level again. The resistance is found at $1.
On the 12-hour timeframe, the MACD is curving down and a bearish crossover appears likely if buyers do not come back to ADA. The daily timeframe RSI is under 50 points, highlighting a clear bearish trend.
Looking ahead, ADA’s buyers have to prepare for a possible drop in price, and the key support level will be their main line of defense should bears return on the offensive. So long bulls are unable to return ADA above $1, bears will continue to have the upper hand.
Chart by TradingView LUNA
LUNA had a major attempt to return to a three digits valuation this past week with a 15% price increase in the past seven days. However, bears stopped this price action at $99.43 (Binance). The $100 will continue to act as a key resistance as long as buyers are unable to break above it.
Luna has strong support at $78 which acted as a key pivot level for this latest rally. The biggest challenge for Luna is to sustain its bullish momentum and attempt to challenge the ATH level again. Any weakness will quickly be capitalized by bears which appear to dominate the crypto market right now.
Today, the MACD also made a bullish cross on the daily timeframe, but best to give time to such moves as other altcoins (XRP) also experienced a similar price actions only to reverse later on. If Luna can sustain a three-digit price, then this will bring much needed confidence in a future rally.
Chart by TradingView Polygon (MATIC)
The price action for MATIC is bullish on the daily timeframe, with MACD crossing on the positive side today. In contrast to LUNA, MATIC’s rally appears to only be beginning now, and the biggest obstacle is the key resistance at $1.5. So far, this cryptocurrency had a good performance in the past seven days, increasing in price by 5.6%.
The critical support is found $1.33, and this level was reconfirmed twice already, giving confidence to buyers to move MATIC’s price higher. However, the key resistance is yet to be broken, and the longer buyers take the more time sellers will have to counter any such move.
Looking ahead, MATIC has a great opportunity to turn the $1.5 level into support and move price into a significant rally. For that to happen, buyers have to move price above this level soon.
Chart by TradingView
