This week, we take a closer look at Ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin.
Ethereum had a good week after its price increased by 7%. The support at $3,350 stopped the correction and allowed buyers to return. ETH also made a local high and appears to be consolidating above the key support.
The resistance at $4,000 remains unchallenged since early March and buyers may need more time to gather momentum before they can have another go at it.
Looking ahead, ETH must ensure its price stays above $3,350 to keep the uptrend intact. However, sellers could return to challenge that level again and any weakness there could turn the chart bearish.
XRP remains in a range between 54 cents and 68 cents. The price increased by 5% this week, but it lacks the momentum to challenge the key resistance.
At the time of this post, XRP is hovering around 60 cents, which puts it in the middle of this range, and more sideways price action can be expected in the future.
Looking ahead, XRP struggled to attract the attention of market participants and this can be seen in its price action that lacked a clear momentum for months. A breakout from this range still appears far away.
ADA managed to increase by 3% this week, but the overall price action in April has been bearish. Since March, the cryptocurrency has continued to make lower lows, and this has not changed since.
The former support at 61 cents has now been confirmed as resistance, and the next key level is 56 cents. Even if buyers appear determined to hold the price above 50 cents, they will likely be put under pressure soon.
Looking ahead, if buyers don’t manage to reclaim the 61 cents level as support, then sellers will have more reasons to be aggressive and push ADA lower.
Shiba Inu (SHIB)
Shiba Inu closed the week with a 4% price increase. While this is a welcomed change compared to March, when the price dropped in double digits, SHIB still struggles to find its bullish momentum.
As long as the key support at $0.000025 holds, buyers could have the upper hand should market conditions improve. The price action also formed a large pennant on the daily timeframe, which suggests volatility may return.
Looking ahead, SHIB could be approaching a decisive moment, when the price could attempt to break away from its current consolidation and aim higher towards the resistance at $0.000037.
Dogecoin (DOGE)
This week, DOGE impressed with a 15.8% price increase, making it the best performer on our list. This is quite a contrast from other altcoins that struggled to stay in green.
Somehow, Dogecoin managed to stay just under the key resistance at 21 cents and does not appear ready to let go. This may encourage buyers to attempt a breakout next.
Looking ahead, if the bulls manage to take DOGE above the resistance and confirm it as support, then this meme coin will have a clear path towards new highs this year.
