May 31 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)
This week Ethereum moved sideways with a modest price increase of 1.5%. The bulls tried to push ETH above $3,900 but were stopped despite several attempts. It looks like it will take more time to break the $4,000 resistance.
As long as the price continues to move below the major resistance, there is a good chance that the asset will eventually break this level and rise to new highs in 2024.
Looking ahead, the overall trend remains bullish and another attempt at $4,000 could follow in June. There is currently a decent support at $3,700 and $3,500 in case the sellers push further.
Chart by TradingView
Ripple (XRP)
XRP continues to disappoint without making any major moves. The price is at a similar level to last week and is still about to break the main resistance at $0.54. Until this happens, market participants are unlikely to return to Ripple’s native token.
Buyers have tested the resistance three times since April, and every attempt by sellers to lower the price has been rejected. This indicates that buying momentum is weak.
Looking ahead, XRP needs a decisive move to bring back attention and relevance, otherwise market participants will likely chase the next meme coin in the limelight.
Chart by TradingView
cardano (ADA)
Cardano closed the week down 3% and continues to struggle with resistance at $0.46. Last week, there were hopes that the price could turn this level into support, but these hopes were quickly dashed.
If the price action continues its bearish trend, ADA could slowly drift towards the main support at $0.37. If buyers become more active, they could aim to keep the asset above $0.4 and move below key resistance.
Looking ahead, Cardano faces issues similar to those of XRP as it currently lacks the strength to move higher. It is difficult to see ADA returning to an uptrend until momentum returns.
Chart by TradingView
shiba inu (SHIB)
In contrast, SHIB’s price had a great week after rising 8%, making it the best-performing company on our list. While most altcoins struggle to find a base, meme coins like SHIB are performing well.
The price climbed above $0.000025 and this has now turned into support. The initial breakout was quite strong and since then the price started to pull back. However, buyers have the upper hand as long as the asset remains above $0.000025.
Looking ahead, SHIB has reached a higher high and looks set to capitalize on this momentum. If successful, buyers could see this meme coin break $0.00003 in June.
Chart by TradingView
Polka Dot (DOT)
polkadot tried to break above the $7.6 resistance again, but sellers refused. For this reason, the price closed the week in red with a 2% loss.
At the time of this writing, DOT was in a local downtrend. If buyers do not bounce back soon, the price could retest key support at $6.4. Since April, buyers have always returned to key support to stop the downtrend.
Looking ahead, Polkadot is stuck in a range and has so far been unable to reverse and recoup losses following the crash in April. Key resistance needs to be broken to bring back momentum and higher price levels.
Chart by TradingView
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