This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Shiba Inu.
In a major breakout, ETH’s price has moved above $3,000 yesterday, signaling that the market is recovering. Breaking above this key psychological level is a turning point. Overall, the cryptocurrency saw a great performance in the past seven days with a 12% price increase.
It is important for ETH to retest the $3,000 and confirm it as support in the near future. This would bring even more confidence in the current price action. The next key resistance is found at $3,400.
Looking ahead, ETH is in a strong position to lead the market during this rally. The buying volume remains healthy and the indicators are bullish, with plenty of space for the price to go higher. Today’s daily candle closing price will be crucial in confirming the breakout.
XRP finds itself on the edge of the key resistance at $0.85. Should it break above this level, similar to ETH breaking above $3,000, then it could enter a sustained rally. The market bias remains bullish, but it is important to be cautious when the price is just under major resistance. Regardless, XRP had a good week, with its price increasing by 5%.
The current support is found quite some distance away at $0.70, and it seems unlikely for XRP to fall to this level considering the overall market is turning bullish. A short pullback could take the price just under the key resistance before buyers attempt a breakout.
As one of the strongest performers this week, ADA’s price increased by 34% and broke above $1 in the process. This is a major change and signals the possible end of the correction for ADA. Moreover, breaking above $1 is an important psychological win for buyers.
This rally stopped at the $1.2 resistance level, and ADA is now likely to consolidate and take a break after such a fast increase. The support at $1 is critical if ADA is to maintain this momentum in the future.
Looking ahead, the cryptocurrency appears in a strong position to consolidate after its most recent gains. It is entirely possible that the price will move sideways between $1.2 and $1 for a while to establish a new base for a higher valuation later on.
In a major move, similar to ADA, Solana’s price has broken above $100, which acted as a key resistance in the past. Overall, SOL has managed to book a 17% price increase in the past seven days.
Should the cryptocurrency manage to maintain its position above $100, then the next major resistance levels will be at $120 and $130. A rejection, however, may take SOL back to $92. The indicators are bullish, and the volume during the breakout was excellent.
If SOL manages to move higher towards the next key resistance levels, then the price action between February and March will form a nice base and can be interpreted as an accumulation phase.
Shiba Inu (SHIB)
Shiba Inu also had a fantastic week, putting a stop to the downtrend and booking a 12% price increase. It is currently slowly moving higher towards the key resistance at $0.000028 and has found good support just above $0.000023.
The indicators are bullish, but the volume has decreased since breaking the downtrend. This calls for some caution as SHIB may retest the key support level again in its path towards a higher valuation. Momentum should build up if SHIB holders are to expect the price to move above the key resistance.
Looking ahead, the indicators seem strong and signal a bullish bias, at least in the short term.
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Cryptocurrency charts by TradingView.