May 10 Crypto Price Analysis: ETH, XRP, ADA, SHIB and DOT
This week we take a closer look at Ethereum, ripple, Cardano, Shiba Inu and Polkadot.
Ethereum (ETH)
Ethereum continues to hold above $3,000 and closed the week with a 2% price increase. This creates optimism that the correction is nearing its end. So far, buyers have been coming in strong once the price dips below $3,000.
Current resistance is at $3,400 and was last tested in late April when sellers rejected any attempt at a breakout. If buyers continue to hold the price above the key support, another breakout attempt looks likely.
Looking ahead, ETH will consolidate in this range until the market makes a decisive move. At the time of writing, the bias remains neutral and if this cryptocurrency rises above $3,400, it will become bullish.
Chart by TradingView
Ripple (XRP)
Ripple has had another week of steady price action, almost identical to last week. Current resistance is at 54 cents and buyers have been unable to break this level despite recent attempts.
Indicators have been flat and volume has been falling since the crash in mid-April. This price action is unlikely to change much until it bounces back because there is no sentiment from buyers or sellers at the moment.
Looking ahead, XRP’s price may continue to decline below the key resistance at 54 cents. If the selling intensifies, this cryptocurrency will have good support at 50 cents.
Chart by TradingView
cardano (ADA)
After a rough start in May, ADA appears to have found support at 45 cents and looks eager to move higher again. It also closed the week with a 3% price increase.
If the bulls can manage to keep the price above 45 cents, there is a chance to recoup some of the losses from April, when ADA fell over 35% in a short time.
Looking ahead, momentum indicators appear to be hinting that buyers may return. To confirm this, the price needs to reach a new local high and return above 50 cents.
Chart by TradingView
shiba inu (SHIB)
Shiba Inu is also similar to ADA and managed to close the week with a 3% price increase. Current resistance lies at $0.000025 and this is the key challenge for the bulls right now.
Support is at $0.000022 and it is holding well so far. This meme coin needs to reach a higher level to confirm the reversal. In the last two months, the price has been making lower and lower highs.
Looking ahead, if buyers manage to break key resistance, SHIB will have a chance to resume the uptrend and put an end to this correction that started in late March.
Chart by TradingView
Polka Dot (DOT)
DOT remains well above $6 and looks willing to break the current resistance at $7.6. Compared to last week, its price is at a similar level.
This consolidation could turn bullish if DOT manages to break higher. Bias remains neutral in this price action but momentum indicators are trending upwards, giving hope for a possible uptrend in the future.
Looking ahead, DOT is consolidating above major support and appears poised for its next big move. Watch the leaders closely for clues about where the market will go next. DOT is likely to follow suit.
Chart by TradingView
The post May 10 Crypto Price Analysis: ETH, XRP, ADA, SHIB and DOT appeared first on CryptoPotato.
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