As a seasoned analyst with over a decade of experience in the cryptocurrency market, I must say that this week has been quite intriguing. The bulls are certainly taking charge, and Ethereum’s (ETH) 9% price increase is a clear testament to that. However, let me remind you that even the mighty Ethereum can’t dance to its own tune all the time – it needs the music of the market. If the bulls can break above $2,870, we could be in for a wild ride towards $3,000.
This week, we examine Ethereum, Ripple, Solana, Dogecoin, and SUI in greater detail.
Ethereum (ETH)
Ethereum closed a great week with a 9% price increase after buyers dominated on Monday. Since then, the price has been cooling down a bit by moving sideways, but the bulls don’t seem to be satisfied, and they may be preparing their next offensive.
For this upcoming rally, the goal is set at around $2,870. This could prompt sellers to try and take back control of the price trend. Yet, on longer-term charts like the weekly one, the momentum seems to favor buyers, giving them an upper hand.
Moving forward, it seems the market is warming up once more, providing optimism for an ongoing restoration. Should bulls successfully surge past the significant barrier at $2,870, Ethereum (ETH) will likely have a straightforward route to reach $3,000 next.
Ripple (XRP)
This week, while XRP trailed other cryptocurrencies in terms of growth, it still saw a decent 3% rise. The buyers successfully kept the value above the $0.54 support level, yet they struggled to drive it significantly upward, resulting in a relatively unchanged trend line.
Regardless of the current situation, if the broader market maintains a positive trend, XRP might be poised for an upswing with its next significant goal lying at approximately 60 cents. After surpassing that level, bulls could then focus on breaking through the crucial resistance at around 68 cents, which is a key level on this chart.
As we move forward, the current sentiment is optimistic, yet purchase activity is low. A shift could occur suddenly, potentially causing XRP to surge towards higher prices. Be vigilant about the $0.60 mark, as it may determine whether a successful breakout occurs.
- Solana (SOL)
Solana experienced a strong week, ending with an 9% rise in value. Though this growth is promising, it fell short of surpassing the crucial barrier at $164. This hurdle remains challenging for buyers, as they’ve failed to breach it multiple times since August.
Regardless of the approach, the pattern of prices shows an increasing floor (higher lows), indicating a generally optimistic outlook. Eventually, it’s likely that buyers will attempt to breach the significant resistance level. If the push gains enough strength, they might manage to break through successfully.
Moving forward, should Solana surpass the $164 mark, it will once again target the $200 price point – a level it last held prior to March. Notably, robust support can be found around the $134 value range.
Dogecoin (DOGE)
Following an extraordinary 24% increase over the past week, it appears that DOGE’s upward momentum isn’t slowing down yet. This significant jump began when it surpassed the 10-cent mark, acting as a clear catalyst. Currently, the price is hovering near the 13.5-cent barrier, which might not withstand the pressure if the buying trend persists for much longer.
The powerful surge in optimism suggests that Dogecoin could potentially match the performance of other popular meme coins recently. Moreover, it appears that investment is returning to DOGE, making it an appealing choice given its current pricing.
Moving forward, surpassing $0.135 could allow this meme token to break loose, targeting $0.20 once more. Additionally, the market behavior strongly suggests a reversal and a return to the positive, upward trend.
SUI
This week, SUI hit a fresh peak at $2.36, setting a new record. But after that, buyers took a step back, leading to a price adjustment. Despite this, the cryptocurrency ended the week with a 10% rise.
In simpler terms, the current dip might find strong resistance near the $1.9 mark, a place where investors may be anticipating to jump back in and halt this decline. If that happens, we could see further growth at later stages as faith in this upward trend recovers.
As we progress, SUI stands out as one of the rare altcoins reaching a record high in 2022, positioning it within an elite group. This achievement is a testament to its robustness, potentially paving the way for further price exploration and significant growth. Noteworthy potential peaks for this surge are at $2.5 and $3.0.
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2024-10-18 13:23