cryptopotato.com
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 brings optimism that the correction may be approaching an end. So far, buyers have come in strong any time the price falls under $3,000.
The current resistance is at $3,400, and it was last tested at the end of April when sellers rejected an attempt at a breakout. If buyers continue to sustain the price above the key support, another breakout attempt appears likely.
Looking ahead, $ETH will consolidate in this range until the market makes a decisive move. The bias is neutral at the time of this post and would turn bullish if this cryptocurrency moves above $3,400.
Ripple ($XRP)
Ripple had another week with a flat price action that is almost identical to last week. The current resistance is at 54 cents, and buyers have been unable to break it despite a recent attempt.
The indicators have been flat since the crash in mid-April, and volume has been falling. Until it returns, this price action is unlikely to change much, as there is no conviction from buyers or sellers right now.
Looking ahead, $XRP’s price may continue to move under the key resistance at 54 cents. Should selling intensify, then this cryptocurrency has good support at 50 cents.
Cardano ($ADA)
After a difficult start in May, $ADA seems to have found support at 45 cents and is keen to move higher again. It also closed the week with a 3% price increase.
If bulls manage to hold the price above 45 cents, then $ADA has a good chance to recover some of the losses from April, when it fell by over 35% in a short period of time.
Looking ahead, the momentum indicators appear to give hints that buyers could be returning. To confirm this, the price has to make a new local high and return above 50 cents.
Shiba Inu ($SHIB)
Shiba Inu is similar to $ADA and managed to close the week with a 3% price increase. The current resistance is found at $0.000025 and is the most significant challenge for bulls right now.
The support is at $0.000022, and so far, it managed to hold well. To confirm a reversal, this meme coin has to make a higher high. In the past two months, the price has been making lower lows and lower highs.
Looking ahead, if buyers manage to break the key resistance, then $SHIB has a chance to resume its uptrend and put a stop to this correction that started in late March.
Polkadot ($DOT)
$DOT has been holding well above $6 and appears keen to break the current resistance at $7.6. Compared to last week, its price is at a similar level.
This consolidation could turn out to be bullish if $DOT manages to break higher. The bias remains neutral on this price action, but the momentum indicators are curving up, which gives hope for a possible rally in the future.
Looking ahead, $DOT has been consolidating above the key support and appears ready for its next major move. Watch the leaders closely for hints on where the market will go next. $DOT is most likely to follow.
