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’s correction seems to be over, but the price failed to move much above the key $3,300 support. Still, ETH closed the week with a 4% price increase.
The overall momentum remains bullish on higher timeframes but ETH has been lagging lately, including against the overperforming Bitcoin.
Looking ahead, this cryptocurrency must climb above the $4,000 resistance to become competitive again and push the market higher. Otherwise, it will remain in the shadow of Bitcoin.
Chart by TradingView
Ripple (XRP)
XRP remains stable and cannot break out of its range, so the price is only up 1.7% this week. Support is 53 cents and resistance is 68 cents.
This consolidation between key levels has been going on for months and XRP still has not experienced a major breakout. The most significant peak occurred in July 2023 at 94 cents.
Looking ahead, XRP needs to break resistance to bring buyers back. The alternative is that this horizontal trend, which has had difficulty attracting the attention of buyers until now, continues.
Chart by TradingView
cardano (ADA)
Cardano is similar to Ethereum and its price is just above the major support at 61 cents. It closed the week with a 6% increase.
The bullish momentum is not quite there yet, but if buyers manage to push the price away from major support, they could challenge the current resistance at 80 cents.
Looking ahead, this cryptocurrency could finally approach one dollar if it returns to an uptrend, which will attract market participants and revive the price action after this recent correction.
Chart by TradingView
shiba inu (SHIB)
Shiba Inu is back in an uptrend and managed to record a 14% price increase this week. This is an impressive return considering much of the market is still recovering after this correction.
Despite this performance, SHIB still lags behind Dogecoin, which broke a new record this year. Current resistance is at $0.000037.
Looking ahead, meme coins look poised for new highs and SHIB is well positioned to follow in DOGE’s footsteps. Watch for key resistance as this will determine where the price moves next.
Chart by TradingView
Dogecoin (DOGE)
DOGE is up an impressive 38.5% this week. Buyers quickly came back when the 13 cent support stopped the correction.
The price is currently at 21 cents, which is the key resistance. Buyers need another support to turn this level into support. If this momentum continues, they could be successful.
Looking ahead, Dogecoin is back in the spotlight and investors in X are predicting how high the price will go in this bull cycle. The current all-time high is 74 cents, a significant target for the oldest meme coin in crypto.
Chart by TradingView
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Cryptocurrency charts from TradingView.
#ETH #XRP #ADA #SHIB #DOGE