This week, we take a closer look at Ethereum, Ripple, Cardano, Dogecoin, and Shiba Inu.
Bulls took over the price action this week, and Ethereum booked an impressive 12.6% increase in price. The momentum shifted bullish in a matter of days, and now the expectation is for the price to continue up.
Ethereum found good support at $1,660, which acted as a pivot for the current rally. In the process, the resistance at $1,820 turned into support, and the next targets for this cryptocurrency are found at $2,000 and $2,100.
Looking ahead, ETH has a good opportunity to recover most of the losses since April and re-test the key resistance at $2,100, if buyers are successful here.
Ripple showed a lot of strength when most altcoins were in red, but once the overall market turned bullish, it failed to capitalize on this sentiment. For this reason, XRP booked only a 3% price increase this week.
The biggest obstacle for this cryptocurrency right now is the key resistance at 53 cents which so far has managed to stop buyers from taking the price higher. Nevertheless, with volatility increasing, there could be more attempts at a breakout soon.
Looking ahead, XRP appears to be consolidating under the key resistance, and in case of any pullback, the key support at 44 cents should do a good job of stopping sellers.
Cardano has finally managed to put an end to its long downtrend after finding strong support at 24 cents. The price rallied in sync with the rest of the market and booked a 12.2% increase in price which is similar to Ethereum.
Sentiment around ADA is turning bullish, especially since buyers have managed to push the price to 30 cents. The biggest question now is if bulls can keep the price at this key level, as any weakness may turn this level into a resistance.
Looking ahead, ADA is well placed to move higher, but this could depend on the overall market movements. Keep a close eye on Ethereum for a signal on where the market will move next, as Cardano might follow closely.
Dogecoin (DOGE)
Dogecoin turned bullish as well this week and managed to book a 7.7% price increase. This has stopped the bearish momentum and given bulls much-needed relief. The current support is at 6.5 cents, and the key resistance is at 7.3 cents.
While the momentum indicators have turned bullish, it is too early to tell if this will be a sustained rally or just a temporary relief. So long the key resistance holds, sellers could return to push the price lower again.
Looking ahead, Dogecoin has to do its best to protect the key support level at 6.5 cents, as any weakness is likely to be quickly exploited by bears which have dominated for most of June.
Shiba Inu (SHIB)
SHIB made an impressive recovery from its support at $0.0000065 and booked a 16.3% price increase this week, making it the best performer on our list.
The current resistance is at $0.0000078, and sellers appear to be holding the price at this level after pushing down any attempt at a breakout. Nevertheless, buyers still appear eager to move Shiba Inu higher.
Looking ahead, this is the first time this cryptocurrency managed to rally in a significant way since February. The challenge for buyers is to sustain this momentum which proved difficult in the past.
