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Crypto Price Analysis May-24: ETH, XRP, ADA, SHIB, and DOT

source-logo  cryptopotato.com 24 May 2024 08:36, UTC

This week, we take a closer look at Ethereum, Ripple, Cardano, Shiba Inu, and Polkadot.

Ethereum (ETH)

Ethereum just had one of its best weeks after its price exploded by almost 30%. It came on the news that an ETF approval was imminent, which was confirmed a few days later. Now, the price is consolidating around $3,800.

The current resistance is at $4,000 and represents the high from February when the bears intercepted the market moves. However, with the ETF approved, the next attempt to break this level may be successful.

Looking ahead, ETH’s price action has turned bullish, with significant buy interest from market participants. This could easily see this cryptocurrency make new highs this year.

Ripple (XRP)

XRP seemed indifferent to the Ethereum ETF news and continues to move sideways under the key resistance at $0.54. The expectation is that more altcoins will seek an ETF in the future, and if that happens for XRP, it may lead to a similar price action. However, the company behind it needs to resolve its SEC lawsuit first.

This cryptocurrency closed the week with a 3% price increase but is still looking for a trend. It nearly reached $1 in July 2023, but the price has failed to return to those levels since. Buyers simply don’t have the strength to push higher right now.

Looking ahead, XRP requires a catalyst to rekindle interest. If the price breaks above $0.54, buyers could become interested again. The current support is at $0.48.

Cardano (ADA)

ADA moved above $0.46, which was a key resistance, but it seems to be struggling to go higher now. While the price closed the week with a 2% price increase, this is not significant enough to bring confidence in this local uptrend.

At the time of this post, bulls are also trying to confirm the $0.46 level as support. If they are successful and defend the price here, then ADA could resume its uptrend later.

Looking ahead, the momentum favors buyers, but sellers appear determined not to make it easy, as they always return whenever ADA makes new local highs.

Shiba Inu (SHIB)

Shiba Inu’s price action is flat and is found at a similar level to last week. This could be interpreted as good news since it confirms that the downtrend has ended. The current resistance is at $0.000025 and, so far, buyers failed to break it decisively.

The price has been making higher lows lately and that brings optimism that eventually the key resistance will break to put SHIB back into an uptrend. The support is at $0.000022.

Looking ahead, the expectation is for SHIB to make new local highs once this consolidation period ends. For example, PEPE made a new all-time high, which shows that interest in meme coins continues to be strong.

Polkadot (DOT)

Polkadot continues to struggle with that resistance at $7.6, which has rejected a breakout three times so far. While the price closed the week with a 2.7% price increase, DOT needs to break higher to return to an uptrend.

The price has been consolidating in a range since April, and buyers have always come to defend it when it reaches $6.3, which is the current support. However, they did not show the same conviction when trying to break the current resistance.

Looking ahead, DOT’s volatility will return once the price breaks away from this range. Considering the overall market, the bias is somewhat bullish, particularly if ETH will make new highs later on.