Crypto Value Evaluation Jan-21: Ethereum, Ripple, Cardano, Solana and Polkadot – CryptoPotato

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This week we take a closer look at Ethereum, Ripple, Cardano, Solana, and Polkadot.

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Ethereum (ETH)

Last night’s significant market crash pushed ETH’s price below the critical $3,000 support, which will now act as resistance. Unfortunately, the loss of this crucial psychological level is a major blow to most market participants and sets the stage for ETH to potentially explore lower levels this year. Compared to seven days ago, ETH lost 11.4% of its dollar value.

The outlook for the market is very bearish and one of the possible scenarios is that ETH price rebounds and confirms the $3,000 level as resistance, after which the correction could continue. Current support is now $2,800 but it seems weak.

Looking ahead, given this recent collapse in market structure, ETH has a good chance of falling lower in 2022. Targets like $2,000 or below are a very real possibility now due to the current price action. This can only be avoided if ETH reclaims the $3,000 level and converts it back into support.

ETHUSD_2022-01-21_10-37-56Chart from TradingView

Ripple (XRP)

XRP was not faring any better after last night losing the key support at $0.70 which is now contested between bulls and bears. Overall, the cryptocurrency lost 9.9% of its price over the past week. The next key support level is $0.65 and it could provide brief relief if the decline continues.

What is interesting about the XRP price action is that the drop yesterday was quite small when we compare it to BTC or ETH. This signals that the market is already looking at XRP at a significant discount. Of course, this may change in the future if the market stays down, but the bears have not been as aggressive in this case.

Earlier this week, XRP gave some bullish signals like the higher lows on the RSI and the bullish MACD. However, due to this recent price drop, these signals have now been invalidated.

XRPUSDT_2022-01-21_10-59-06Chart from TradingView

Cardano (ADA)

ADA’s price action over the past week resembles a roller coaster ride with price volatility off the charts. After rising to $1.6, the price fell back to $1.2. These are fluctuations of over 30% in a few days. The key support just above $1 has not been tested during this recent decline, but it has pushed ADA to erase most of its recent gains. Overall, the cryptocurrency is back to where it was last week.

The resistance above $1.5 is unlikely to be tested anytime soon given the current market conditions and indicators on ADA are quickly turning bearish. It would be interesting to see how it plays out over the coming week if the market stays bearish.

Looking ahead, Cardano just saw the release of its first decentralized automated market maker called SundaeSwap, which appears to be having a very difficult launch with stuck transactions and huge variance. The developers warned that there could be network congestion, but this doesn’t seem to bode well for ADA holders.

ADUSDT_2022-01-21_11-12-01Chart from TradingView

Sunshine (SUN)

Last night, SOL broke below the key support at $132 and the decline was temporarily halted at the $120 level. However, this breakdown signals that SOL could drop to the next key support at $113 in the next few days.

The previous support has turned into resistance and unless SOL moves above $132 it seems unlikely that this downtrend will end anytime soon. Overall, SOL had a terrible week, losing 15.6% of its value.

With this recent plunge, the RSI has entered oversold territory (<30 points) on the daily timeframe and the MACD has completed a bearish crossover. These are key signals that the bears are in complete control of the price action.

The overall picture for SOL is bleak and the question is whether it will manage to sustain a price level above $100. A failure there will signal a much deeper correction for SOL in 2022.

SOLUSDT_2022-01-21_11-13-20Chart from TradingView

Polkadot (DOT)

DOT also lost its key support at $24, ending a long period of consolidation within a major price range ($24 – $32) that started in December 2021. Now the price seems poised to test the next key support level at $20. Because of this recent price action, DOT has lost 11.2% of its valuation in one week.

Resistance stands at $24 as previous support levels turn into resistance during an indecisive market. Indicators continue to signal bearish price action.

The coming week could see a general bounce in the market and DOT could retest the $24 level. However, it is important to keep the big picture in mind and not get caught in potential traps.

DOTUSDT_2022-01-21_11-21-42Chart from TradingView
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Disclaimer: The information found on CryptoPotato is that of the authors cited. It does not represent CryptoPotato’s opinion on whether to buy, sell or hold investments. You are advised to do your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for more information.

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