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 has had a good week after its price increased by 7%. The $3,350 support stopped the correction and allowed buyers to bounce back. ETH also made a local top and appears to be consolidating above major support.
The $4,000 resistance remains unchallenged since early March and buyers may need more time to gather momentum before trying again.
Looking ahead, ETH must ensure its price remains above $3,350 to maintain the uptrend. However, sellers may challenge this level again and any weakness here could cause the chart to turn bearish.
Chart by TradingView
Ripple (XRP)
XRP remains in a range between 54 cents and 68 cents. The price is up 5% this week but lacks the momentum to challenge major resistance.
At the time of writing, XRP is hovering around 60 cents, which puts it in the middle of this range, and further sideways price movements can be expected in the future.
Looking ahead, XRP has struggled to capture the attention of market participants and this is reflected in its price movement, which has failed to gain any clear momentum for months. A breakout from this range still seems a long way off.
Chart by TradingView
cardano (ADA)
ADA managed to rise by 3% this week, but the overall price movement in April was bearish. Since March, the cryptocurrency has continued to see lower lows and this has not changed since then.
The previous support at 61 cents has now been confirmed as resistance and the next key level is 56 cents. Even if buyers seem determined to keep the price above 50 cents, they are likely to come under pressure soon.
Looking ahead, if buyers fail to reclaim the 61 cent level as support, sellers will have more reasons to act aggressively and push ADA lower.
Chart by TradingView
shiba inu (SHIB)
Shiba Inu closed the week with a 4% price increase. While this is a welcome change from March, when the price fell into double digits, SHIB is still struggling to find bullish momentum.
As long as key support remains at $0.000025, buyers may gain the upper hand if market conditions improve. The price action also formed a large pennant on the daily time frame, indicating that volatility may be returning.
Looking ahead, SHIB may be approaching a decisive moment where the price may attempt to break out of the current consolidation and aim higher towards the $0.000037 resistance.
Chart by TradingView
Dogecoin (DOGE)
This week, DOGE performed impressively with a price increase of 15.8%, making it the best performing company on our list. This is quite different from other altcoins that are struggling to stay in the green.
Somehow Dogecoin has managed to stay just below the key resistance at 21 cents and doesn’t seem ready to let go. This may encourage buyers to attempt the next exit.
Looking ahead, if the bulls can manage to push DOGE above resistance and validate it as support, this meme coin will have a clear path to new highs this year.
Chart by TradingView
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Cryptocurrency charts from TradingView.
#ETH #XRP #ADA #SHIB #DOGE