As a seasoned crypto investor, I have seen my fair share of market ups and downs. This week, I decided to take a closer look at Ethereum (ETH), Ripple (XRP), Cardano (ADA), Shiba Inu (SHIB), and Polkadot (DOT).
This week, we take a closer look at Ethereum, Ripple, Cardano, Shiba Inu, and Polkadot.
Ethereum (ETH)
This week, Ethereum has exhibited a modest 1.5% upward trend in its price. Bulls made several attempts to push ETH above the $3,900 mark, but their efforts were unsuccessful. The stubborn resistance at $4,000 seems unwilling to yield, suggesting that more time is needed before it can be breached.
So long as the price hovers around current levels without breaching the significant resistance, there’s a strong potential for the asset to surpass this barrier and achieve new height records by 2024.
Moving forward, the market’s trajectory is generally upward, with a potential surge towards $4,000 in June. Presently, strong foundational levels exist at $3,700 and $3,500 if selling pressure intensifies.
Ripple (XRP)
Ripple’s XRP has failed to make significant strides once again, with its price remaining stagnant near last week’s level. The crucial resistance at $0.54 continues to elude the token, making it an unattractive prospect for investors in the current market scenario. Until a convincing breakthrough occurs, interest in XRP is likely to remain subdued.
Since April, potential buyers have made three attempts to purchase, but each time their offers were met with rejection from sellers who countered with lower prices. This repeated pattern indicates a lack of strong buying momentum.
Moving forward, XRP requires a significant shift to regain focus and excitement among investors, or else they may be drawn towards the next trending meme coin instead.
Cardano (ADA)
Last week, Cardano ended its run with a 3% decrease in value. It’s currently battling to break through the resistance at $0.46, a barrier that has proven difficult to surmount. Previously, there was optimism that this level might transform into a support, but these expectations were short-lived and soon proved unfounded.
As an analyst, I would assess that if the price action continues to be bearish for Cardano (ADA), it may gradually trend towards the support level of $0.37. However, should buyers become more active in the market, they could attempt to keep the asset above $0.4 and potentially move sideways beneath the key resistance.
Moving forward, Cardano encounters challenges akin to XRP‘s, as it fails to gather enough power to advance significantly at present. With the current lack of momentum, it’s difficult to anticipate a bullish trend for ADA.
Shiba Inu (SHIB)
Contrastingly, SHIB experienced a remarkable surge last week, rising by 8% and leading our list with impressive gains. Meanwhile, many altcoins are grappling to maintain their ground, but meme coins such as SHIB have been thriving.
When the price surpassed $0.000025, this level became a new source of support. The initial breakout was powerful and following it, the price experienced a correction. However, if the asset manages to maintain its value above $0.000025, then the buying pressure will remain dominant.
Moving forward, SHIB has reached a new peak and is aggressively building on this upward trend. If it manages to sustain this momentum, investors may witness SHIB surpassing the $0.00003 mark by June.
Polkadot (DOT)
At an attempt to surpass the resistance level of $7.6, Polkadot faced rejection from sellers in the market. Consequently, the cryptocurrency ended the weekly chart with a 2% decrease in value.
Currently, the price of DOT is experiencing a downtrend. Without the intervention of buyers, it may once again challenge the significant support level at $6.4. It’s important to note that since the month of April, the market has consistently seen buyers step in to halt any potential price declines at this crucial support.
Moving forward, Polkadot currently finds itself trapped within a price range, and thus far, it hasn’t managed to regain its footing and reclaim the losses incurred during the April market downturn. In order for the coin to resume its upward trend and achieve higher values, a significant breakthrough above the current resistance is required.
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2024-05-31 12:40