This week, we take a closer look at Ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin.

Ethereum (ETH)

Ethereum is found in a difficult position. The price fell by 7% this week, and now all the pressure is on the key support at $3,350. If this level fails, then the price might retreat below $3,000.

A rally that began in October 2023 reached its peak locally at $4,000 – a significant resistance level. Consequently, the subsequent price correction could be prolonged.

If ETH fails to prevent sellers at the crucial support level in the future, we can expect the price to decrease and potentially reach around $2,800.

Crypto Price Analysis Apr-04: ETH, XRP, ADA, SHIB, and DOGE

Ripple (XRP)

This week, XRP experienced a setback with its price decreasing by 7%. Despite attempts from buyers to push past the $0.68 resistance mark, they were unsuccessful. Consequently, the price took a downturn shortly thereafter.

A piece of positive information to share: The crucial level of backing lies close by, just at the 54 cent mark. Purchasers might consider making a re-entry at that price point to put an end to this downturn.

Moving forward, XRP has been exhibiting a broad, horizontal trend since the end of 2023. The market hasn’t shown clear directionality and instead has oscillated between significant support and resistance points. This pattern is expected to persist.

Crypto Price Analysis Apr-04: ETH, XRP, ADA, SHIB, and DOGE

Cardano (ADA)

At the $0.61 mark, buyers were unable to stem the tide of selling activity, resulting in the price falling beneath this significant threshold by the end of the week, leading to a $10 loss.

Currently, the strongest level of support for ADA is at approximately 46 cents. However, it will require significant effort from bears to push the price down to this point. This situation may only come to pass if the market’s dominant players maintain their bearish stance.

Moving forward, it appears that this downward trend could persist for an extended period, potentially reaching the point where crucial support is hit. ADA investors are advised to remain calm and stay put, as eventual signs of support will eventually emerge.

Crypto Price Analysis Apr-04: ETH, XRP, ADA, SHIB, and DOGE

Shiba Inu (SHIB)

Last week wasn’t great for Shiba Inu as it experienced a significant drop of 17%, which was the largest decline among the listed assets. With no new highs formed, bears seized the opportunity to capitalize on its vulnerability.

At present, the price is touching $0.000025 as a potential support point. However, it may revisit this level before any significant price increase occurs. If buyers don’t exert enough pressure at this point, SHIB might slide further down in value.

Moving forward, SHIB‘s advance from February came to a halt, and starting in March, its price had a hard time recording significant increases. It appears that this downturn below the crucial resistance level of $0.000037 may persist for some time.

Crypto Price Analysis Apr-04: ETH, XRP, ADA, SHIB, and DOGE

Dogecoin (DOGE)

This week, DOGE‘s shine has dwindled as its price dropped by 16%, causing some disappointment among bulls. Their attempts to push the price above the $0.21 resistance mark were unsuccessful, leading to a subsequent decline in the cryptocurrency’s value.

Sellers appear to have control over the price action and could take Dogecoin to the support at 17 cents. If that fails to hold, then 15 cents would be the next target for this correction.

Moving forward, the market as a whole is experiencing a downturn, causing hardships for meme coins like Dogecoin. However, in order for Dogecoin to begin a fresh upward trend, it first needs to finish its retreat.

Crypto Price Analysis Apr-04: ETH, XRP, ADA, SHIB, and DOGE

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2024-04-04 18:42