Crypto Price Analysis-May 24: ETH, XRP, ADA, SHIB and DOT
This week we take a closer look at Ethereum, ripple, Cardano, Shiba Inu and Polkadot.
Ethereum (ETH)
Ethereum had one of its best weeks after its price exploded by almost 30%. A few days later, news came that the ETF approval was approaching. Now the price is consolidating near $3,800.
Current resistance lies at $4,000 and represents the highest level since February, when the bears halted market moves. However, with the approval of the ETF, the next attempt to break this level may be successful.
Looking ahead, ETH’s price action has been bullish with significant buying interest from market participants. This could easily see this cryptocurrency reaching new highs this year.
Chart by TradingView
Ripple (XRP)
XRP seemed indifferent to the Ethereum ETF news and continues to move sideways below the key resistance at $0.54. The expectation is that more altcoins will seek ETFs in the future, and if this happens for XRP, it could lead to a similar price movement. But the company behind it needs to resolve the SEC case first.
This cryptocurrency closed the week with a 3% price increase but is still looking for a trend. It reached almost $1 in July 2023, but the price has failed to return to these levels since then. Buyers don’t have the strength to go higher right now.
Looking ahead, XRP needs a catalyst to reignite interest. If the price rises above $0.54, buyers may show interest again. Current support is $0.48.
Chart by TradingView
cardano (ADA)
ADA broke above $0.46, a key resistance, but it currently seems to be struggling to move higher. Although the price closed the week with a 2% price increase, this is not significant enough to bring confidence to the local uptrend.
At the time of writing, the bulls are also trying to confirm the $0.46 level as support. If they are successful and defend the price here, ADA may continue its uptrend later.
Looking ahead, momentum is in the buyers’ favor, but sellers seem determined not to make it easy because they always bounce back when ADA reaches new local highs.
Chart by TradingView
shiba inu (SHIB)
Shiba Inu price action remains flat and similar to last week. This can be interpreted as good news as it confirms that the downtrend has ended. Current resistance is at $0.000025 and so far buyers have failed to break this resistance decisively.
The price has been making higher lows lately, which brings optimism that the key resistance will eventually break and put SHIB back into an uptrend. Support is $0.000022.
Looking ahead, SHIB is expected to reach new local highs once this period of consolidation ends. For example, pepe reached an all-time high, indicating that interest in meme coins remains strong.
Chart by TradingView
Polka Dot (DOT)
polkadot continues to struggle with the $7.6 resistance, which has refused to break three times so far. While the price closed the week with a 2.7% price increase, DOT needs to break above to return to the uptrend.
The price has been consolidating in a range since April, and buyers started defending the price every time it reached the current support at $6.3. However, they did not show the same determination when trying to break the existing resistance.
Looking ahead, DOT’s volatility will return once the price moves out of this range. Considering the overall market, the trend is somewhat bullish, especially if ETH reaches new highs later.
Chart by TradingView
The post Crypto Price Analysis on May 24: ETH, XRP, ADA, SHIB and DOT appeared first on CryptoPotato.
#Crypto #Price #AnalysisMay #ETH #XRP #ADA #SHIB #DOT