Crypto Price Analysis May-03: ETH, XRP, ADA, SHIB and DOT
This week we take a closer look at Ethereum, ripple, Cardano, Shiba Inu and Polkadot.
Ethereum (ETH)
Ethereum fell below $3,000 and ended the week down 5%. This latest collapse in price has led to a lower decline, indicating that the bears are still in control of the price movement.
Current support is at $2,900 and buyers must protect this level at all costs. If they fail, the next major support will be found at $2,500.
Looking ahead, ETH was quickly rejected at the $3,350 resistance in late April. Since then, the price has been in a downward trend. The bias remains bearish, but hopefully May may bring better news for this cryptocurrency.
Chart by TradingView
Ripple (XRP)
Ripple continued its horizontal movement and closed the week with a 1% loss. While that wasn’t much, volatility was higher this week, with the price briefly dropping to 48 cents before bouncing.
Resistance is located at 54 cents and the price seems unable to break this level at the moment. Therefore, XRP is more likely to move below the key resistance.
Looking ahead, if the sellers decide to bounce back, the next key support level will be 50 cents. Although the chart is trending downward, there is hope that sellers will become exhausted after establishing dominance in April.
Chart by TradingView
cardano (ADA)
ADA was rejected by resistance at 46 cents and still appears to be struggling. The price is in a downtrend and is down 4% this week.
If buyers do not bounce back soon, ADA could see new lows and move closer to key support at 40 cents. If that falls, buyers could bounce back from 37 cents, where ADA has seen strong demand in the past.
Looking ahead, sales volume decreases even if the price decreases. This could be an early sign that the selling may be tapering off, providing the bulls with an opportunity to recoup some of the recent losses.
Chart by TradingView
shiba inu (SHIB)
Shiba Inu lost support at $0.000025 and this has now turned into resistance. That’s why the price dropped 11% this week.
The most important support on the chart is $0.000018 and if there is no change in the current momentum, this meme coin will likely test this level.
Looking ahead, SHIB’s correction does not appear to be ending anytime soon, and as long as the overall market continues its downward trend, SHIB is likely to follow with lower lows.
Chart by TradingView
Polka Dot (DOT)
DOT’s price bounced from the $6.3 support, which allowed it to close the week with a 3% price increase. This is quite impressive considering that all the other cryptocurrencies on our list are in the red.
As long as this important support holds, polkadot has a good chance of challenging the $7.6 resistance, which has so far stalled buyers’ attempts to move the price higher.
Looking ahead, the DOT has been moving sideways since mid-April, bringing optimism that the downtrend may be coming to an end. To confirm this, buyers need to break the $7.6 resistance
Chart by TradingView
The post Crypto Price Analysis dated May 03: ETH, XRP, ADA, SHIB and DOT appeared first on CryptoPotato.
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