Crypto Price Analysis July-19: ETH, XRP, ADA, SHIB and TON
This week we will take a closer look at Ethereum, ripple, Cardano, Shiba Inu, and Toncoin.
Ethereum (ETH)
Ethereum had a good week after closing with a 12% price increase. This impressive recovery came after the entire market rallied, which allowed ETH to turn $3,300 into key support.
With a new base now secured, buyers can look to the next target at $4,000, which will also act as key resistance. The last time ETH tested this level was in May, when sellers rejected it.
Looking ahead, optimism is returning to the market. As long as the bulls maintain this momentum, higher price levels are likely in the coming weeks.
Chart by TradingView
Ripple (XRP)
XRP has put most of the market to shame this week as its price has surged by 22%. This Stellar performance has seen the price reach almost 64 cents, a level not seen since April.
At the time of writing, buyers are attempting to hold the 54 cents level as key support as the price has entered a pullback after such an explosive rally.
Looking ahead, XRP is back in the spotlight. If buyers secure the 54 cents support, they could aim to challenge the next resistance at 68 cents.
Chart by TradingView
cardano (ADA)
ADA has also performed well this week, up 7%. The reason the price has not been able to move higher at the moment is because of the key resistance at 46 cents, which has stopped the rise.
If the key resistance holds tight, it could push ADA into a longer pullback. Even so, buyers are doing a good job defending the 40 cents price, which is currently acting as support.
Looking ahead, momentum is bullish, but Cardano needs to break above 46 cents to sustain this.
Chart by TradingView
shiba inu (SHIB)
SHIB has had an up-and-down week but still managed to close with a 9% price increase. News that wazirx Indian exchange was hacked dragged the price into a deeper decline considering that hackers stole 5.4 Trillion SHIB tokens.
The price is currently struggling near the $0.000018 level and if buyers can regain control, they could see SHIB return to an uptrend.
The local trend remains bullish unless this meme coin makes a lower bottom. So far, that has been avoided.
Chart by TradingView
Toncoin (TON)
While TON’s price action has been sideways, most of the market has seen significant gains. This can be partially explained by the fact that this cryptocurrency has already rallied while most of the market is in a correction.
The current all-time high and resistance are at $8.3, while support is at $6.8. TON has managed to stay well above key support, but buyers are remaining reserved at the time of writing.
Looking ahead, this consolidation may continue for a longer period until buyers decide to make a decisive move above the current resistance.
Chart by TradingView
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