As a seasoned crypto investor with a few years under my belt, I’ve seen my fair share of market ups and downs. This week’s price action for Ethereum (ETH), Ripple (XRP), Cardano (ADA), Shiba Inu (SHIB), and Polkadot (DOT) has been no exception.
This week, we take a closer look at Ethereum, Ripple, Cardano, Shiba Inu, and Polkadot.
Ethereum (ETH)
The price of Ethereum dipped below $3,000 this week, resulting in a 5% decrease from its previous value. This downturn marked a new low, indicating that bears continue to dominate the market trends.
Buyers must defend the present price level of $2,900 in order to prevent a potential drop. Should they lose this battle, the subsequent significant support lies at $2,500.
Moving forward, Ethereum encountered rejection at the $3,350 resistance mark in late April. Consequently, its price trend has taken a downward turn. Despite the bearish outlook, there’s hope that May will bring more positive developments for this cryptocurrency.
Ripple (XRP)
As a researcher observing the market trends, I notice that Ripple has been moving laterally throughout the week, resulting in a 1% decrease in value by its close. Although this decline is not substantial, it’s important to mention that volatility was more pronounced this week, with the price dipping as low as 48 cents before rebounding.
At present, XRP encounters resistance at approximately 54 cents. This barrier appears unyielding, preventing the price from advancing beyond it for now. Consequently, XRP may trend laterally in the vicinity of this crucial resistance level.
Moving forward, should sellers choose to make a strong comeback, the subsequent line of defense for buyers lies at the 50 cent mark. Despite the pessimistic outlook suggested by the chart, there’s optimism that sellers might tire following their aggressive control in April.
Cardano (ADA)
As an analyst, I’ve observed that ADA encountered rejection from the resistance level at $0.46 and has been having a tough time recovering. Currently, the price trend is downward, with a weekly decline of approximately 4%.
If purchasers fail to reappear promptly, ADA might drop further and test its crucial support level at 40 cents. Should this level give way, potential buyers may emerge around the previous demand zone of 37 cents.
Moving forward, the number of shares being sold has decreased despite a dropping price trend. This might indicate that selling pressure is easing, potentially giving way for buyers to regain some ground and mitigate recent losses.
Shiba Inu (SHIB)
The price of Shiba Inu hit a roadblock at $0.000025, and since then, this level has become a barrier for further advancement. Consequently, the coin experienced a decline of approximately 11% over the past week.
As a researcher analyzing the price chart of this meme coin, I’ve identified a significant support level at $0.000018. If the present trend continues without any major shifts, it is reasonable to anticipate that the coin will revisit this price point.
Moving forward, it seems that SHIB‘s correction may persist for some time, possibly extending into the month of May. Given the prevailing bearish sentiment in the market, SHIB is expected to continue tracking downward with successively lower prices.
Polkadot (DOT)
The price of DOT rebounded from its support level at $6.3, enabling it to end the week with a noteworthy 3% rise. Remarkably, this growth occurred despite other cryptocurrencies on our list experiencing declines.
As ling as this underlying backing remains strong, Polkadot has a promising prospect of surmounting the $7.6 resistance level that previously thwarted all advancements in price by purchasers.
Moving forward, I’ve noticed that DOT has been trading laterally since mid-April. This sideways trend brings a sense of optimism among investors as it could potentially signal the end of the downtrend. To validate this assumption, buyers must successfully breach the resistance level at $7.6.
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2024-05-03 17:35