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This week, we take a closer look at Ethereum, Ripple, Cardano, Shiba Inu, and Polkadot.
Ethereum (ETH)
Ethereum finally woke up this week after testing the support at $2,800 and closed with a 7% price increase. Nevertheless, ETH made a new yearly low against Bitcoin.
The resistance is at $3,350 and if this momentum continues, it could be tested by the bulls in the coming days. Ideally, Ethereum will break higher soon and return on an uptrend.
Looking ahead, ETH could be making a local bottom at this price level, and a relief rally may start after a long correction that began in early March.
Ripple (XRP)
Ripple continued to range in a channel and closed the week with a 4% price increase. Buyers appear keen to test the key resistance at 54 cents. If they are successful at a breakout, then they could hope to see the price rally again.
The daily MACD has turned bullish in the past week, hinting that this cryptocurrency is ready to move higher. A decisive breakout above 54 cents is needed to confirm this.
Looking ahead, XRP has a real opportunity in the coming week to bring back volume and buyers. If successful, the next target will be found at 68 cents.
Cardano (ADA)
ADA finally broke the resistance at 46 cents and is currently looking primed to move towards 60 cents next. The price increased by 7.5% this week.
The 46 cents level was not yet confirmed as support and this could take place as buyers and sellers test their strength. The overall bias on this action is bullish, but continuation is needed to be confident ADA can move higher.
Looking ahead, the momentum favors bulls in the coming days, but don’t dismiss a possible pullback.
Shiba Inu (SHIB)
Shiba Inu mirrors the XRP chart and appears keen to break the resistance at $0.000025. If successful, then buyers can hope to see the price go towards $0.000030 next.
The price found good support at $0.000020 and managed to bring bulls back, but a clear breakout of the current resistance still needs to happen.
Looking ahead, the buy volume for SHIB has increased in the past few days, which suggests optimism that the next leg up could be about to start. Watch the key resistance for confirmation of a bullish bias.
Polkadot (DOT)
Polkadot remains in a range between $6.3 and $7.6. However, buyers seem to have the upper hand lately as the market is turning bullish. The price also closed the week with a 6% price increase.
On the daily timeframe, DOT did a MACD bullish cross in the past few days which has materialized with higher highs in price. The true test will be the resistance at $7.6 which is also the current target for this price action.
Looking ahead, DOT’s consolidation in this range could be coming to an end, and a clear breakout from this level may see the price approach double digits again later this month.
