Crypto Price Analysis July-1: Ethereum, Cardano, Solana, Polkadot, and Polygon

We take a closer look at Ethereum and Cardano, Solana (Polkadot), and Polygon this week.

Ethereum (ETH).

With over 40% loss for Ethereum, the June monthly candle close was among the worst in crypto history. This is why July doesn’t look very optimistic. The monthly candle opened today in red. Overall, ETH lost 6% last week.

The cryptocurrency reached $1,250 as it found support at $850 in June. Bulls couldn’t push higher, and the price has fallen back to $1,000 since.

Looking ahead, it appears more likely that ETH will continue to fall in search for a bottom. It has always found a bottom in the past after it fell by more than 90% from its high. If $850 falls, this would put the price at $500.

Chart by TradingView

Cardano (ADA)

Cardano had another difficult week, with the price holding onto the support at $0.45 despite a 4.5% drop. This level was tested four times previously, with bulls able to keep the price from falling lower each time. It is now up to them to do it again. If they fail, then ADA is likely to fall to $0.38 as the next key support.

During the most recent market bounce, $0.55 resistance was not tested. This indicates weakness in cryptocurrency and bears could speculate on it to try to break the key support that has been holding well so far.

Although the indicators are not showing any significant changes over the daily timeframe, they do indicate weakness that could cause the price to drop. This key level must be protected by buyers. Sellers will soon overtake them.

Chart by TradingView

Solana (SOL)

Solana experienced a strong rally in June. This brought optimism. The downside for bulls was that once the price reached the $44 resistance, the price action reversed and SOL lost 13% in the seven days. The outlook for cryptocurrency is still bearish.

The price has not reached a lower level so far. However, $27 is still a significant support and is still a long way from today’s rates. A retest of this level is possible, especially if the market continues to be bearish in July.

The best option for Solana is to consolidate between $27- $44. An alternative is to see the price drop, given the market.

Chart by TradingView

Polkadot (DOT)

Polkadot is in an extremely precarious position after a price drop of 88% from its all-time high of $55. The price has fallen to $6, close to the support level. It is at levels not seen since 2020. The rejection of the $8.6 resistance has pushed DOT lower. The last seven days have seen a 12.7% price drop.

DOT’s price action (since November 2021) has remained in a downward trend for nine months. Every attempt by bulls for a break from the downtrend was rejected by sellers.

Bulls must defend the $6 support level. Otherwise, DOT risked falling much lower.

Chart by TradingView

Polygon (MATIC).

MATIC’s price action is similar to Solana, with a strong rally in June and then being rejected at $0.67. The price has fallen by 14.7% over the past seven trading days making it the worst performing stock on our current list. This level was the key support and attracted many buyers last time it was tested.

MATIC buyers may be returning to the key support, but that is not without risk. This latest price drop has seen an increase in volume. A falling price is a bearish sign. An increase in volume is a good indicator. Comparatively, Solana’s volume has decreased as its price fell. This is a sign of optimism.

MATIC has been under sustained selling pressure and could move to the support level once again in the coming weeks. If the market remains bearish, the cryptocurrency could revert to $0.34.

Chart by TradingView
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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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