MATIC, DOGE, ADA, XRP and ETH
The cryptocurrency market experienced a significant dip this past week, with many altcoins including Ethereum, Cardano, Dogecoin, and Polygon posting losses. Ethereum lost 15% of its value as it struggled to find support and could potentially drop to $1,300. The news that Ethereum may be considered a security added to the bearish momentum. Similarly, Cardano experienced a 15% selloff with buyers retreating at the 28 cents support level. Dogecoin also lost 21% of its value and broke its key support level at 7 cents. On the other hand, Ripple had a brief rally due to its lawsuit against the SEC but lost 3% of its value for the week. XRP is currently holding well above its key support level at 34 cents. Meanwhile, Polygon was the worst performer with a 22% drop in value and has lost its uptrend, putting bears in control of the price action. All cryptocurrencies are expected to continue consolidating at current levels or drop further until there is a shift in sentiment.
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