This week, we take a closer look at Ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin.
After a 20% correction, ETH has recovered in a spectacular fashion in the past 24 hours with a 10% price increase. Nevertheless, the weekly chart still shows an 11% loss.
The price successfully tested the support at $3,300 and has since moved above $3,500. The current resistance is found at $4,000, and the last time ETH was there, sellers returned.
Looking ahead, ETH reversed the downtrend, and optimism returned to the market after a difficult start this week. If this cryptocurrency can break above $4,000, then the all-time high at $4,867 could be the next target.
XRP closed the week with a 12% loss and has recovered somewhat since yesterday. The price found good support at 58 cents, and the current resistance is at 68 cents.
Bulls failed to break above that resistance in early March, but if the market sentiment continues to improve, then a second attempt could follow.
Looking ahead, XRP has been in a flat trend since late last year, and it did not manage to make a breakthrough towards new highs this year. Perhaps after the Bitcoin halving in April, XRP might be able to make new highs.
Cardano suffered this week after its price crashed by 20%. Sellers took ADA to the key support level of 61 cents, and this level appears to be holding at the time of this post.
This deep correction may be quite disappointing to Cardano holders, but it was market-wide, and now a recovery is likely. As long as the price can stay above 61 cents, ADA can return on an uptrend.
Looking ahead, this cryptocurrency needs to move above 80 cents and turn that level into support before new highs become possible.
Shiba Inu (SHIB)
Shiba Inu also crashed by 20% this week and found good support at $0.000025. This level appears to be holding well and may allow it to recover some of the most recent losses.
The resistance is at $0.000037. When the price visited that level, sellers came in force and stopped the rally. A second attempt at a breakout appears unlikely right now.
Looking ahead, this correction was expected after a massive rally in late February/early March. Once it ends, SHIB could make new highs.
Dogecoin (DOGE)
DOGE crashed by 18% this week and found good support at 13 cents. Buyers came in strong there, allowing the price to recover some of the recent losses.
As long as buyers hold at that key level, DOGE could later return on an uptrend to make new highs. Resistance is at 18 cents, which is the current target for a recovery.
Looking ahead, Dogecoin broke its long consolidation in early March, which gave buyers the green light to return. Once the 18 cents resistance turns into support, this memecoin can do new highs and continue the macro uptrend.
