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 is in a difficult situation. The price is down 7% this week and now all the pressure is on the key $3,350 support. If this level fails, the price could decline below $3,000.
The rally, which started in October 2023, finally hit a local top of $4,000, which is a significant resistance. Therefore, this fix is important and may take a long time.
Looking ahead, if ETH sellers fail to stop it at key support, the price is likely to drop to $2,800 next.
Chart by TradingView
Ripple (XRP)
XRP also suffered this week, with its price falling 7%. Buyers failed to break above the resistance at 68 cents and the price fell soon after.
The good news is that major support is not far away; It is at 54 cents and buyers may move back there to stop this correction.
Looking ahead, XRP remains in a major sideways trend since late 2023. Price action showed no stability in any direction and continued to bounce between key levels. This will probably continue.
Chart by TradingView
cardano (ADA)
The support at 61 cents failed to stem the selling pressure and the price is now below this key level, ending the week down 10%.
The most important support currently sits at 46 cents, but the bears have a lot of work to do to push ADA that low. This scenario is only possible if the market leaders continue their downward trend.
Looking ahead, this downtrend is likely to continue for some time and may continue until key support is reached. ADA holders must be patient and wait for support to be available.
Chart by TradingView
shiba inu (SHIB)
Shiba Inu had a bad week after closing down 17%, making it the worst performer on our list. The price failed to break even higher and the bears quickly began to exploit this weakness.
Current support lies at $0.000025 and the price is likely to test this level before any reversal is expected. SHIB could fall further if buyers fail to show strength there.
Looking ahead, SHIB has lost momentum since February and the price has struggled to make sustained gains since March. This correction below the key $0.000037 resistance seems likely to continue for a while.
Chart by TradingView
Dogecoin (DOGE)
Attention to DOGE waned this week after the price closed down 16%. The bulls failed to break above the 21 cent resistance and a pullback has started since then.
Sellers seem to have control over the price movement and they may take Dogecoin to the support at 17 cents. If this fails, the next target of this correction will be 15 cents.
Looking ahead, we see that the overall market is in a correction and meme coins are suffering because of it. Dogecoin must complete the pullback before a new uptrend can be expected.
Chart by TradingView
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Cryptocurrency charts from TradingView.
#ETH #XRP #ADA #SHIB #DOGE