This week, we take a closer look at Ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin.
Ethereum reached $4,000 this week, and the price managed to increase by 5%. However, sellers appear keen to return and push this cryptocurrency into a pullback.
If the $4,000 resistance does not break soon, the price may fall to the key support at $3,345. A pullback should not be a surprise, considering ETH has not had a correction in over a month.
Looking ahead, ETH remains in an uptrend even if the price falls to the key support, and a healthy pullback may be needed before it can make new highs to challenge the all-time high at $4,868.
XRP managed to rally to 74 cents this past week and booked a respectable 9% price increase. Since then, the price has entered a pullback.
Bulls and bears are currently fighting at the 68 cents level. The winner will decide if this level turns into resistance or support.
Looking ahead, XRP can go to 93 cents next if buyers win this fight. If they fail, then sellers may take the price back to the support at 53 cents.
Cardano had a good week and managed to increase by 7%. The current resistance and target for this rally is found at 85 cents.
Support remains at 61 cents, and it is unlikely to be tested if buyers continue to maintain this momentum. The bias is bullish on this price action.
Looking ahead, ADA is slowly approaching $1, which is a key psychological level. Once there, sellers may return looking to book profits after this rally.
Shiba Inu (SHIB)
Shiba Inu has been consolidating under the key resistance at $0.000037 but still managed to register an 8% price increase this week.
The price action appears to form a pennant on lower timeframes, which could signal continuation. If so, the key resistance may soon be put under pressure.
Looking ahead, SHIB is well-positioned to make higher highs after this pause. If sellers return, this cryptocurrency has good support at $0.000025.
Dogecoin (DOGE)
DOGE had a fantastic week with a 23% price increase, making it the best performer on our list. Its momentum is similar to SHIB and could soon try to break the resistance at 21 cents.
The price found good support around 16 cents, and buyers appear determined to take it to a new high this year.
Looking ahead, this meme coin is likely to keep the market’s attention, considering that its all-time high is at 74 cents, which is still a long way from current price levels.
