As a seasoned researcher with extensive experience in the crypto market, I’ve witnessed numerous price movements and trends throughout the years. This week, I decided to take a closer look at Ethereum (ETH), Ripple (XRP), Cardano (ADA), Shiba Inu (SHIB), and Toncoin (TON).
This week, we take a closer look at Ethereum, Ripple, Cardano, Shiba Inu, and Toncoin.
Ethereum (ETH)
Last week saw Ethereum experience a noteworthy surge, with its price climbing by 12 percent and reaching a new high. This rebound was a result of the broader market’s upturn, enabling Ethereum to establish $3,300 as a significant support level.
After establishing a fresh foundation, investors can set their sights on the upcoming objective: reaching $4,000. This milestone holds significance, as it previously served as a barrier of entry for sellers back in May.
Moving forward, I sense a renewed sense of positivity in the market. If bulls continue to drive the trend, it’s reasonable to anticipate higher prices in the forthcoming weeks.
Ripple (XRP)
XRP outperformed the majority of the market with a stunning 22% price increase over the past week. As a result, it nearly touched the 64 cent mark, a price point last reached in April.
Currently, purchasers aim to hold the 54 cent mark as significant support following the dramatic surge in price that led to a correction.
Moving forward, XRP is once again gaining attention. Should buyers successfully defend the 54 cent mark, their next objective would be to confront the resistance at 68 cents.
Cardano (ADA)
ADA experienced a notable rise of 7% during the past week. However, its upward momentum was capped by a significant resistance level at approximately 46 cents, preventing further price growth.
If we maintain our position at the significant resistance level, there’s a possibility that ADA will experience an extended correction. However, buyers are effectively guarding the price at 40 cents, serving as a solid foundation.
Moving forward, I’ve noticed a shift in market sentiment becoming more optimistic for Cardano. However, for this bullish trend to persist, it is essential that Cardano manages to surpass the $0.46 mark as a researcher closely monitoring the cryptocurrency market.
Shiba Inu (SHIB)
Last week was turbulent for SHIB, but it eventually ended with a 9% rise in value. However, the announcement of the WazirX Indian exchange being breached caused significant volatility. In this unfortunate event, hackers made off with a staggering 5.4 trillion SHIB tokens.
At present, the price is in a fierce struggle to maintain the $0.000018 mark. Should buyers regain dominance, we might witness SHIB heading upwards once more.
The positive outlook for this meme coin in our area continues as it hasn’t yet reached a new low price.
Toncoin (TON)
The price movement of TON was relatively stable compared to the majority of the market, which saw considerable growth. This can be attributed to some extent by TON’s earlier rally during the market correction.
At present, the record high and a level of resistance can be found at $8.3, while the support is located at $6.8 for TON. The cryptocurrency has effectively stayed clear of the crucial support during this period. However, potential buyers have yet to show significant interest as of now.
Moving forward, this consolidation may persist for an extended period before purchasers make a definitive move to breach the existing resistance.
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2024-07-19 13:51