This week, we take a closer look at Ethereum, Ripple, Luna, Cosmos, and Near Protocol
Ethereum (ETH)
After an encouraging start of the week, ETH’s momentum turned bearish on Wednesday, and since then, the price has been falling towards the critical support at $2,500. Overall, in the past seven days, the cryptocurrency managed to secure a 5.7% price increase. However, if this correction does not end soon, most of the recent gains will be lost.
Due to the rejection at $3,000, ETH looks rather weak now and has made a lower high. Buyers have to defend the support. Otherwise, it could fall further. The indicators are also turning back down, and optimism is fading fast.
Looking ahead, the price could easily drop to the $2,500 level before a new attempt at a breakout. If the market remains bearish, then it’s likely for the correction to be a deeper one.
Ripple (XRP)
In the past two weeks, XRP has been stuck in a range between $0.86 and $0.70. Last week, there was some sharp volatility when XRP fell under $0.70 due to the war in Ukraine, but the price quickly recovered since then and managed to book a 6.3% price increase in the past seven days.
Despite the most recent relief rally, XRP continues to struggle to break the resistance at $0.86. Sellers appear to have the upper hand and have managed to keep the price below this level. A retest of the support appears imminent and will put buyers under pressure once again.
The indicators are rather flat and do not show any clear conviction. Therefore, XRP may continue to sit in the current range for some time before bulls or bears make a decisive breakout.
Luna
Luna continued to defy the market and nearly reached its all-time high at $103 this week when the price hit $97 before a pullback occurred. Now, the cryptocurrency is consolidating just under the all-time high resistance. Overall, Luna delivered a stellar performance with a 40% price increase in seven days.
This allowed it to surpass Avalanche, Solana, and Cardano in terms of total market capitalization and is now found ranked in seventh place (CoinGecko) and closely challenging Ripple for the sixth place. The indicators remain bullish but give some signs of exhaustion.
The MACD histogram is making lower highs, and this may indicate buyers no longer have the strength to take Luna higher, particularly after such a massive rally and because the overall market remains rather bearish due to current world events. Should Luna enter into a correction, there is good support between $80 and $70.
Cosmos (ATOM)
Last week ATOM managed to break its downtrend, and since then, the price has been moving higher at a sustained pace. In the past seven days, the price has increased by 36%, which rivals Luna’s performance.
The next key resistance for ATOM is found at $36 and is likely for the price to test this level before a potential pullback. The indicators are also bullish and do not show the exhaustion seen on Luna’s price chart. For this reason, ATOM seems to still have the required momentum to test the resistance level before a correction.
The current support is found at $30, and ATOM seems unlikely to drop this low in the near term as the momentum remains firmly on the buyers’ side. Volume is also looking healthy, and the cryptocurrency might continue performing well.
Near Protocol (NEAR)
Near Protocol broke from its downtrend on strong volume three days ago and has managed to quickly rally to $12 before a pullback turned price back on the key support at $10. Since the breakout, Near is in a clear short-term bullish trend and has booked a 33% price increase in the past seven days.
The indicators are clearly positive and have the same pattern identified on ATOM’s price chart. The MACD and RSI are both moving higher, but there is some concern about the volume that has decreased significantly since the breakout.
Looking ahead, NEAR has a good chance to retest the key resistance at $12. If the volume manages to increase in the coming days, then the cryptocurrency is well-positioned to continue on its way higher towards $13 and above.
