This week, we take a closer look at Ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin.
Ethereum’s correction appears to have ended, but the price was unable to move much above the key support at $3,300. Nevertheless, ETH closed the week with a 4% price increase.
The overall momentum remains bullish on higher timeframes, but ETH has been lagging lately, including against Bitcoin, which has overperformed.
Looking ahead, this cryptocurrency needs to break above the $4,000 resistance to become competitive again and lead the market higher. Otherwise, it will be stuck in Bitcoin’s shadow.
XRP remains flat and unable to break away from its range, which is why the price only increased by 1.7% this week. The support is at 53 cents, and the resistance is at 68 cents.
This consolidation between the key levels has been ongoing for months, and XRP has still not had a major breakout. The most significant high was made in July 2023 at 94 cents.
Looking ahead, XRP has to break the resistance to bring back buyers. The alternative is a continuation of this flat trend, which struggled to capture the attention of buyers to date.
Cardano is similar to Ethereum, with the price found to be just above the key support at 61 cents. It also closed the week with a 6% increase.
The bullish momentum is not quite there yet, but if buyers manage to push the price away from the key support, then they could challenge the current resistance at 80 cents.
Looking ahead, if this cryptocurrency returns on an uptrend, then it could finally approach one dollar, which will entice market participants and revitalize the price action after this most recent correction.
Shiba Inu (SHIB)
Shiba Inu is back on an uptrend and managed to book a 14% price increase this week. That’s an impressive return, considering most of the market is still recovering after this correction.
Despite this performance, SHIB is still lagging behind Dogecoin, which has already made a new high this year. The current resistance is at $0.000037.
Looking ahead, meme coins appear ready for new highs and SHIB is well positioned to follow on the footsteps of DOGE. Watch the key resistance as that will determine where the price moves next.
Dogecoin (DOGE)
DOGE is up an impressive 38.5% this week. Buyers came back rushing once the support at 13 cents stopped the correction.
The price is now at 21 cents, which is key resistance. Buyers need another push to turn this level into support. If this momentum continues, they may be successful.
Looking ahead, Dogecoin is back in the spotlight with traders on X speculating how high it will go in this bull cycle. The current all-time high is at 74 cents and this is a major target for the oldest meme coin in crypto.
