This week, we take a closer look at Ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin.
Ethereum (ETH)
Last week brought positive developments for Ethereum as its value rose by 7%, halting the downtrend at $3,350. This crucial level acted as a safety net for buyers, enabling them to re-enter the market. Moreover, Ethereum reached a new local peak and has since been holding steady above this significant support.
Since early March, the resistance level at $4,000 has remained strong and untouched. Buyers might require additional time to build up enough force before attempting to surmount this barrier again.
Moving forward, ETH needs to maintain a price above $3,350 for the upward trend to continue. Yet, potential sellers may reappear and attempt to breach this level once more. A decrease at $3,350 could shift the chart’s outlook towards bearishness.
Ripple (XRP)
XRP is currently trading between $0.54 and $0.68. This week, the price saw a 5% rise. However, it seems insufficient for breaking through the significant barrier preventing further growth.
Currently, XRP is priced around 60 cents, positioning it in the center of its current range. There might be more price fluctuations with a sideways trend in the future.
Moving forward, XRP failed to capture the interest of investors and its price showed little directionality for an extended period. It seems that a significant price surge is not imminent.
Cardano (ADA)
This week, ADA experienced a 3% rise, yet the trend in April has predominantly been downwards. Starting from March, the cryptocurrency’s price has consistently hit new lows, without any significant change in that pattern so far.
Previously, 61 cents served as a source of support for the price, but now it has transformed into resistance. The upcoming significant level to watch out for is 56 cents. Buyers may seem committed to keeping the price above 50 cents, but they could face intense pressure in due course.
Moving forward, if the 61 cent mark fails to act as a safety net for buyers, then sellers may become more assertive and attempt to drive down the price of ADA further.
The price of Shiba Inu rose by 4% as the week came to a close. Although this is an improvement from the significant declines seen in March, the coin continues to work on regaining its bullish trend.
If the crucial support level at $0.000025 remains strong, then buyers will likely take control if market circumstances become more favorable. Furthermore, the price chart exhibits a large pennant formation on the daily scale, implying potential for heightened volatility ahead.
Moving forward, Shiba Inu (SHIB) may reach a pivotal point where its price tries to escape its current price range and head upward towards the resistance level of $0.000037.
This week, DOGE stood out with a noteworthy 15.8% price surge, placing it at the top of our performance chart. In comparison, other altcoins had a harder time holding onto gains.
Dogecoin has been hanging on below the significant resistance level at 21 cents without giving way. This stubbornness could entice investors to make an attempt at pushing past this barrier soon.
Moving forward, if the bulls are successful in pushing DOGE‘s price above the current resistance level and establish it as a new support floor, then this popular meme token is likely to reach new peak prices this year.
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2024-04-12 14:46