ETH, XRP, ADA, SHIB and DOGE
This week we will take a closer look at Ethereum, ripple, Cardano, Shiba Inu and dogecoin.
Ethereum (ETH)
After a 20% correction, ETH experienced a spectacular recovery with a 10% price increase in the last 24 hours. However, the weekly chart still shows a loss of 11%.
The price successfully tested the support at $3,300 and has since climbed above $3,500. Current resistance lies at $4,000, and the last time ETH was there, sellers had bounced back.
Looking ahead, ETH has reversed its downtrend and optimism has returned to the market after a rough start this week. If this cryptocurrency can climb above $4,000, the next target could be the all-time high of $4,867.
Chart according to Tradingview
Ripple (XRP)
XRP closed the week with a 12% loss and has made some recovery since yesterday. The price found a good support at 58 cents and current resistance is at 68 cents.
The bulls failed to break this resistance in early March, but a second attempt could follow if market sentiment continues to improve.
Looking ahead, XRP has been trending sideways since late last year and has failed to make a breakthrough to new highs this year. Perhaps after the Bitcoin halving in April, XRP can reach new highs.
Chart according to Tradingview
cardano (ADA)
Cardano has been in trouble this week after its price dropped by 20%. Sellers moved ADA to the key support level at 61 cents, and this level appears to be maintained at the time of writing.
This deep correction may have been quite disappointing for Cardano holders, but it was market-wide and a recovery is now likely. As long as the price can stay above 61 cents, ADA may return to an uptrend.
Looking ahead, this cryptocurrency needs to break above 80 cents and turn this level into support before new highs are possible.
Chart according to Tradingview
shiba inu (SHIB)
Shiba Inu also fell 20% this week and found good support at $0.000025. This level looks to be in good shape and could allow it to recoup some of the recent losses.
Resistance lies at $0.000037. When the price reached this level, sellers stepped in and stopped the rise. A second escape attempt seems unlikely at this time.
Looking ahead, this correction was expected after the big rally in late February/early March. Once SHIB ends, it may reach new heights.
Chart according to Tradingview
Dogecoin (DOGE)
DOGE is down 18% this week and found good support at 13 cents. The strong arrival of buyers here enabled the price to recover some of its recent losses.
As long as buyers hold on to this key level, DOGE may then return to an uptrend and hit new highs. Resistance is at 18 cents, which is the current target for the recovery.
Looking ahead, Dogecoin broke out of its long consolidation in early March, giving buyers the green light to bounce back. Once resistance at 18 cents turns into support, this memecoin could make new highs and resume the macro uptrend.
Chart according to Tradingview
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Cryptocurrency charts from TradingView.
#ETH #XRP #ADA #SHIB #DOGE