May 18 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)
After testing support at $2,800, Ethereum finally woke up this week and closed with a 7% price increase. Still, ETH hit a new yearly low against Bitcoin.
Resistance is at $3,350 and if this momentum continues, it may be tested by the bulls in the coming days. Ideally, Ethereum will soon move higher and return to the uptrend.
Looking ahead, ETH may be making a local bottom at this price level and a relief rally may begin after a long correction that began in early March.
Chart by TradingView
Ripple (XRP)
Ripple continued its course in a channel and closed the week with a 4% price increase. Buyers appear eager to test key resistance at 54 cents. If they are successful in an exit, they can hope to see the price rise again.
The daily MACD has been bullish over the past week, indicating that the cryptocurrency is poised to move higher. A decisive break above 54 cents is needed to confirm this.
Looking ahead, XRP has a real opportunity to bring volume and buyers back next week. If successful, the next target will be found at 68 cents.
Chart by TradingView
cardano (ADA)
ADA finally broke resistance at 46 cents and now looks set to move towards 60 cents. The price is up 7.5% this week.
The 46 cent level has not yet been confirmed as support and this could happen as buyers and sellers test their strength. The overall trend for this action is bullish but it needs to continue to make sure ADA can move higher.
Looking ahead, the momentum will favor the bulls in the coming days, but do not rule out a possible pullback.
Chart by TradingView
shiba inu (SHIB)
Shiba Inu is mirroring the XRP chart and seems eager to break the resistance at $0.000025. If successful, buyers can hope to see the price move towards $0.000030 next.
The price found a good support at $0.000020 and managed to bring the bulls back, but a clear break of the current resistance still needs to happen.
Looking ahead, SHIB’s buying volume has increased over the past few days, indicating optimism that the next uptrend may be about to begin. Watch for key resistance for confirmation of the uptrend.
Chart by TradingView
Polka Dot (DOT)
polkadot is hovering between $6.3 and $7.6. However, buyers seem to have an advantage as the market has been on the rise lately. The price also closed the week with a 6% price increase.
On the daily timeframe, DOT, MACD has shown an upward trend over the last few days, accompanied by higher highs in prices. The real test will be the resistance at $7.6, which is also the current target of this price movement.
Looking ahead, DOT’s consolidation in this range may be coming to an end, and a clear breakout from this level could see prices approaching double digits again later this month.
Chart by TradingView
The post May 18 Crypto Price Analysis: ETH, XRP, ADA, SHIB and DOT appeared first on CryptoPotato.
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