ETH, XRP, ADA, SHIB and DOGE
This week we will take a closer look at Ethereum, ripple, Cardano, Shiba Inu and dogecoin.
Ethereum (ETH)
Ethereum reached $4,000 this week and the price managed to increase by 5%. But sellers seem willing to bounce back and push this cryptocurrency into a pullback.
If the $4,000 resistance is not broken soon, the price could decline to the key $3,345 support. Considering that ETH has not corrected in over a month, the pullback should not be a surprise.
Looking ahead, ETH remains in an uptrend even if the price falls to the key support and a healthy pullback may be needed before it breaks out to new highs to challenge the all-time high at $4,868.
Chart by TradingView
Ripple (XRP)
XRP managed to rise as high as 74 cents last week, recording a significant price increase of 9%. Since then the price has entered a retracement period.
Bulls and bears are currently struggling at the 68 cent level. The winner will decide whether this level turns into resistance or support.
Looking ahead, if buyers win this fight, XRP could rise to 93 cents from now on. If they fail, sellers could push the price back to the support at 53 cents.
Chart by TradingView
cardano (ADA)
Cardano had a good week and managed to increase by 7%. The current resistance and target of this rally is located at 85 cents.
Support remains at 61 cents and is unlikely to be tested if buyers continue to maintain this momentum. The bias in this price movement is bullish.
Looking ahead, ADA is slowly approaching $1, an important psychological level. Sellers may return to take profits after this rally.
Chart by TradingView
shiba inu (SHIB)
Shiba Inu has been consolidating below key resistance at $0.000037 but still managed to post an 8% price increase this week.
The price action appears to be forming a pennant on the lower timeframes, which could signal a continuation. If so, key resistance may soon be suppressed.
Looking ahead, SHIB is well positioned to make higher highs following this breakout. If the sellers bounce back, this cryptocurrency will have good support at $0.000025.
Chart by TradingView
Dogecoin (DOGE)
DOGE had a great week with a 23% price increase, making it the best performer on our list. Its momentum is similar to SHIB and it may try to break resistance at 21 cents soon.
The price has found good support around 16 cents and buyers seem determined to push the price to a new high this year.
Looking ahead, this meme coin is likely to attract market attention given that it is at an all-time high of 74 cents, which is still a long way off current price levels.
Chart by TradingView
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Cryptocurrency charts from TradingView.
#ETH #XRP #ADA #SHIB #DOGE