This week, we take a closer look at Ethereum, Ripple, Cardano, Shiba Inu, and Polkadot.
Ethereum continues to hold above $3,000 and closed the week with a 2% price increase. This brings optimism that the correction may be approaching an end. So far, buyers have come in strong any time the price falls under $3,000.
The current resistance is at $3,400, and it was last tested at the end of April when sellers rejected an attempt at a breakout. If buyers continue to sustain the price above the key support, another breakout attempt appears likely.
Looking ahead, ETH will consolidate in this range until the market makes a decisive move. The bias is neutral at the time of this post and would turn bullish if this cryptocurrency moves above $3,400.
Ripple had another week with a flat price action that is almost identical to last week. The current resistance is at 54 cents, and buyers have been unable to break it despite a recent attempt.
The indicators have been flat since the crash in mid-April, and volume has been falling. Until it returns, this price action is unlikely to change much, as there is no conviction from buyers or sellers right now.
Looking ahead, XRP’s price may continue to move under the key resistance at 54 cents. Should selling intensify, then this cryptocurrency has good support at 50 cents.
After a difficult start in May, ADA seems to have found support at 45 cents and is keen to move higher again. It also closed the week with a 3% price increase.
If bulls manage to hold the price above 45 cents, then ADA has a good chance to recover some of the losses from April, when it fell by over 35% in a short period of time.
Looking ahead, the momentum indicators appear to give hints that buyers could be returning. To confirm this, the price has to make a new local high and return above 50 cents.
Shiba Inu (SHIB)
Shiba Inu is similar to ADA and managed to close the week with a 3% price increase. The current resistance is found at $0.000025 and is the most significant challenge for bulls right now.
The support is at $0.000022, and so far, it managed to hold well. To confirm a reversal, this meme coin has to make a higher high. In the past two months, the price has been making lower lows and lower highs.
Looking ahead, if buyers manage to break the key resistance, then SHIB has a chance to resume its uptrend and put a stop to this correction that started in late March.
Polkadot (DOT)
DOT has been holding well above $6 and appears keen to break the current resistance at $7.6. Compared to last week, its price is at a similar level.
This consolidation could turn out to be bullish if DOT manages to break higher. The bias remains neutral on this price action, but the momentum indicators are curving up, which gives hope for a possible rally in the future.
Looking ahead, DOT has been consolidating above the key support and appears ready for its next major move. Watch the leaders closely for hints on where the market will go next. DOT is most likely to follow.
