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

Ethereum (ETH)

Ethereum lost its bullish momentum this week and closed it with a 4.4% loss. Sellers took over the price action and pushed this cryptocurrency to the key support at $3,500.

However, this pullback could turn out to be a normal retest, considering the massive breakout after the ETF confirmation. As long as buyers hold the price above $3,500, there is no reason to be too worried.

Looking ahead, this is the second time ETH has been rejected by the $4,000 resistance this year. Once this correction ends, a third attempt at breaking this key level could be successful. Moreover, the price continues to make higher lows on the weekly chart, which is bullish.

Ripple (XRP)

After XRP was rejected by the resistance at 54 cents, the price entered a deeper pullback. For this reason, this cryptocurrency closed the week with a 4% loss, and the bias is bearish in the short term.

Buying interest seems unlikely to return to XRP until that key resistance is broken. Volume and momentum favor sellers right now, but buyers could return at the 43 cents key support.

Looking ahead, XRP is in a difficult situation. It failed to make a higher high in 2024, and as long as this doesn’t change, it seems unlikely that this cryptocurrency will capture the market’s attention.

Cardano (ADA)

This year, ADA’s price action was more exciting compared to XRP as it reached 80 cents for a brief period. However, since that moment, the cryptocurrency has entered a sustained downtrend. This is why the price fell by 6.5% this week.

Sellers continue to have the upper hand and they don’t seem to be satisfied after taking the price under 50 cents. They appear to be aiming for 37 cents which is the most important support on the chart right now.

Looking ahead, ADA may continue to face some difficult weeks ahead. However, there is hope the key support may put an end to this downtrend.

Dogecoin (DOGE)

The excitement around Dogecoin vanished in June, and the price closed this week with a 7.4% loss. At the time of this post, this meme coin is trying to hold above the key support at 13.5 cents.

In the past months, buyers always came back strong at the key support, but repeated tests of this level may be interpreted as bearish since it shows weakness.

Looking ahead, the bulls must do all they can to defend the key support. Failure here could quickly see DOGE make new lows this year.

Polkadot (DOT)

DOT’s price action mirrors that of XRP. It failed to break the key resistance at $7.6, and since then, it has struggled to return on an uptrend. Its price also fell by 5.5% this week.

The current support is at $6, and this is the last level that can hold the price away from new lows this year. DOT must do everything it can to avoid a lower low in 2024, as that will turn the chart bearish on a high timeframe.

Looking ahead, Polkadot remains in a bearish trend. Unless the overall crypto market recovers, this cryptocurrency might have hard times along with most other altcoins.

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TL;DR

• Polkadot’s DOT token, currently stable at $6.5, has received bullish short-term price predictions from analysts, with expectations of a rise toward $15 due to positive market dynamics.
• Other traders project even higher future valuations, with forecasts reaching up to $100 in a bull market scenario and a summer peak of $20.

The Latest DOT Forecasts

Polkadot’s native token – DOT – has been trading within a relatively narrow range in the past week but remains deep in the red on a monthly scale. According to CoinGecko’s data, the plunge on a 30-day scale equals almost 30%.

Nonetheless, many analysts outlined bullish predictions for the short term. The popular X user Ash Crypto (who has over one million followers) is among those. The trader admitted still holding his DOT stash, raising hopes for a price pump toward a two-year high of $15.

In addition, the analyst noted the “good run” of Solana meme coins as of late, suggesting that assets of that type built on the Polkadot ecosystem may flourish, too.

The crypto enthusiasts Thomas Kralow and FLASH also gave their two cents. The former forecasted DOT’s valuation to hit a whopping $100 during the bull market, whereas the latter believes “all engines” are “fueled” for a substantial rally.

The Previous DOT Predictions

Other analysts who recently outlined a bright future for Polkadot’s cryptocurrency include CRYPTOWIZARD and CryptoYoddha. The former expects a “volcanic eruption brewing” should DOT overcome the major resistance level of $9.60. 

CryptoYoddha predicted that the asset’s price may jump to $20 this summer, arguing that many more altcoins are poised to pump in the following months.

Other prominent traders, such as Michael van de Poppe and FLASH admitted being HODLers. The former argued that Polkadot has shown “fundamental progress” over the years, claiming that “rotation is near.” 

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TL;DR

• Polkadot introduced the Join-Accumulate Machine (JAM) protocol that merges features of Polkadot and Ethereum, aiming to improve blockchain efficiency and scalability, with governance pending community approval.
• Noteworthy developments for the protocol include an upgrade to the Acala Network and discussions about a potential $8.8 million sponsorship deal with Inter Miami CF.

Polkadot’s Progress as of Late

The blockchain protocol – Polkadot (DOT) – captured the attention of industry participants lately due to several developments that took place or might occur in the near future.

Perhaps the most important advancement is the release of the Join-Accumulate Machine (JAM) Gray Paper: a protocol that combines elements of Polkadot and Ethereum. 

“JAM provides a global singleton permissionless object environment—much like the smart-contract environment pioneered by Ethereum—paired with secure sideband computation parallelized over a scalable node network, a proposition pioneered by Polkadot.” the team explained

The protocol will also include a service that supports existing parachains, enabling developers to continue employing Substrate for blockchain deployment. “The only way to interact with JAM will be with DOT; no new token will be issued,” the announcement reads. 

It is important to note that the community must approve JAM via Polkadot’s on-chain, decentralized governance. 

What About the Parachains?

Some of the top Polkadot parachains have also witnessed notable developments. Acala Network recently announced the Sinai Upgrade: an advancement designed to enhance the platform’s position as a liquidity layer in the Web3 space. The upgrade consists of three routes: liquidity track, infrastructure track, and aSEED track.

Earlier this month, all parachains stopped producing blocks for approximately one hour following Polkadot’s runtime upgrade. The team behind Moonbeam Network (one of the leading parachains) revealed on April 21 that block production was resumed and that the network’s functions were back to normal.

Polkadot’s Possible Mega Collaboration

Nearly a week ago, Nico Zini – Partnership Marketing and Media Rights for Inter Miami CF – revealed that the American football team may shake hands with Polkadot on an $8.8 million sponsorship deal. For the uninitiated ones, the club’s co-owner is the English football icon David Beckham, while its biggest star is the Argentine legend, Lionel Messi.

This is not Polkadot’s first attempt to enter the sports world. In 2022, it aimed to become FC Barcelona’s official jersey sponsor. The Catalan club, though, chose Spotify over the blockchain protocol.

This post is powered by Polkadot

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Polkadot’s recent price action has been characterized by subdued movement and minimal volatility following a swift decline toward the $6 level. However, the cryptocurrency finds itself at a crucial juncture, with a potential breakout poised to determine its next direction.

Polkadot Price Analysis: Technicals

By Shayan

The Daily Chart

A thorough analysis of the daily chart reveals a period of consolidation around the $6 mark, marked by low volatility and indecision in the market. This suggests a looming battle between buyers and sellers, hinting at an impending significant movement.

Despite this uncertainty, the Polkadot price is currently supported by a strong and decisive range, anchored by the significant 200-day moving average at $6.93 and the critical support level of the 0.618 Fibonacci level ($6.7). This robust support zone is bolstered by substantial demand and has the potential to thwart further downward pressure, potentially propelling the price toward the significant resistance zone around $9.

The 4-Hour Chart

A detailed examination of the 4-hour timeframe reveals a rapid descent toward the $6 level, where the price encountered significant demand, leading to a slight reversal. However, the subsequent sideways consolidation phase has seen minimal volatility and a lack of decisive momentum.

Nevertheless, the price has formed a sideways triangle pattern, with a breakout above its upper boundary indicating a continuation of the bullish trend.

Currently, DOT teeters on the brink of breaking above this triangle pattern. If it happens, Polkadot is expected to sustain its upward trajectory, with potential targets lying within the price range defined by the 0.5 ($7.4) and 0.618 ($7.8) Fibonacci levels.

Conversely, a break below the lower boundary of the triangle pattern could signal a continuation of the bearish retracement toward the $6 level.

Sentiment Analysis

By Shayan

The significant impact of the perpetual futures market on Polkadot’s price dynamics cannot be overstated. Many short-term price movements, particularly those following periods of consolidation, are driven by liquidations within the futures market. Therefore, understanding where liquidity is most concentrated can offer valuable insights.

The Binance DOT/USDT liquidation heatmap provides a visual representation of price levels where large-scale liquidation events are likely to occur. Those highlighted in yellow on the chart signal the potential for a cascade of liquidations.

As illustrated in the chart, the $7 and $6 price zones are characterized by substantial liquidity. Consequently, if the price embarks on an upward surge toward the $7 threshold, it may trigger a significant liquidation cascade, resulting in heightened volatility and a notable short-term decline. Conversely, should the market retreat towards the $6 level, a rapid surge could ensue due to a cascade of long liquidations, leading to an immediate rebound.

These levels serve as crucial reference points in the short term and have the potential to shape the market trend in the weeks ahead.

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