As a seasoned crypto investor with a knack for spotting trends and a portfolio that has weathered numerous market cycles, I find myself intrigued by this week’s performance across Ethereum (ETH), Ripple (XRP), Cardano (ADA), Shiba Inu (SHIB), and Dogecoin (DOGE).
This week, we examine Ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin in greater detail.
Ethereum (ETH)
Ethereum closed another good week with a 4% price increase. Buyers remain interested and managed to push the price above $2,600. The current target is $2,800, which will also act as key resistance.
The positive trend in momentum became more pronounced in September, causing the price to break free from the decline it had been experiencing since March. This development has rekindled enthusiasm in the market, and Ethereum is likely to gain from this optimism too.
Moving forward, the price seems primed to challenge the existing resistance levels soon. Should buyers step away for any reason, Ethereum (ETH) appears to have solid foundational support around $2,400.
Ripple (XRP)
The price of XRP has remained steady without any significant changes over the past week, which is somewhat uncommon given that other cryptocurrencies, such as Bitcoin, popular altcoins, and meme coins, have been hitting new highs in the market.
The price remains slightly below 60 cents and failed to surpass it in September. However, if the bulls succeed in pushing it past that point, the momentum might resume for this cryptocurrency.
Moving forward, the trading volume of XRP seems to be decreasing and hasn’t been very strong recently. As the market momentum and volatility are yet to pick up, it appears less likely that we will witness significant price fluctuations in the near future.
Cardano (ADA)
Last week saw a significant surge for ADA, ending with a 12% rise. This positive trend follows the successful break above the 36-cent mark, which has largely determined its price throughout March.
Right now, bulls are making an effort to establish the 40-cent mark as a crucial support point. If they manage to do so by the end of this weekend, there’s a strong possibility that Cardano could advance towards its next significant objective, which is 48 cents.
Moving forward, the trend seems likely to persist, possibly driving the price of ADA up significantly. This could bring it quite near to the 50 cent mark, a price level last seen in May.
Shiba Inu (SHIB)
The attention is once again focused on meme cryptocurrencies, with Shiba Inu being no different. This digital coin has seen an astounding surge this week, rising by a staggering 34%. As a result, Shiba Inu is back in the limelight, and investors are eager to jump on board.
Following a strong uptick in demand at approximately $0.000014, traders grew more optimistic, leading to a surge in trading activity not witnessed since the market low in August. This sudden spike has brought the price close to the significant barrier of $0.000020.
Moving forward, Shib might reach this potential level. At that point, buyers could potentially exit their positions, causing a dip in price due to sellers returning. On the daily chart, the Relative Strength Index (RSI) is currently at 81, indicating an overbought condition. Therefore, it’s advisable to exercise caution.
Dogecoin (DOGE)
Dogecoin (DOGE) saw a fantastic week, ending with a 16% surge in price. Given that its market cap nearly doubles that of Shiba Inu (SHIB), Dogecoin would require significantly more investors and increased trading volume to match SHIB’s performance at similar levels.
The market trend for DOGE appears to be on an upward swing, with a projected peak at approximately 13.5 cents. Given that buyers hold the majority of control currently, there’s a strong possibility that Dogecoin will reach this significant milestone before experiencing any substantial correction.
In the future, meme coins seem to be doing exceptionally well once more. This positive trend could continue as long as the broader market stays hopeful. If this holds true, Dogecoin (DOGE) might strive to touch 20 cents within the intermediate term and potentially revisit that level from March 2024.
Read More
- Smash or Pass: Analyzing the Hades Character Tier List Fun
- Hades Tier List: Fans Weigh In on the Best Characters and Their Unconventional Love Lives
- Why Final Fantasy Fans Crave the Return of Overworlds: A Dive into Nostalgia
- Sim Racing Setup Showcase: Community Reactions and Insights
- Understanding Movement Speed in Valorant: Knife vs. Abilities
- Why Destiny 2 Players Find the Pale Heart Lost Sectors Unenjoyable: A Deep Dive
- FutureNet Co-Founder Roman Ziemian Arrested in Montenegro Over $21M Theft
- How to Handle Smurfs in Valorant: A Guide from the Community
- W PREDICTION. W cryptocurrency
- Honkai: Star Rail’s Comeback: The Cactus Returns and Fans Rejoice
2024-09-27 14:47