This week, we take a closer look at Ethereum, Ripple, Cardano, Solana and Shiba Inu.
Ethereum (ETH)
Last week’s momentum has allowed ETH to rally towards $3,400 which is currently acting as a major resistance. Buyers were unable to break this level and now the price is getting into a pullback. Despite this, ETH still managed to register a 5.7 percent increase in price over the past seven days.
Support is found at $3,000 and if this pullback turns into a more significant correction, ETH price could drop to this level before buyers become interested again. The indicators, especially the MACD, show a falling histogram on the daily chart. This signals a loss of momentum for the buyers.
Looking ahead, ETH could have a good chance of testing the $3,000 support before a bullish rally. The most recent rally caused the market to expand and this price action was somewhat expected.
Ripple (XRP)
XRP price is facing some stiff resistance at the $0.86 level and the buyers have failed to break it even after several attempts. Moreover, yesterday the bears pushed the price down to $0.78, causing XRP to close in the red, causing a 2.4% loss.
With support at $0.70, sellers have a lot of work to do till it reaches that level. So far the buyers have managed to prevent major losses in the price, but the pressure is building. The MACD completed a bearish crossover yesterday that signals the end of the most recent rally.
Sellers currently have an opportunity to take control of the price and push it towards the $0.70 support level. The current change in pace is in their favor.
Cardano (ADA)
After one of the strongest rallies of the year for ADA, the price faced a hard stop at the $1.2 resistance level. For this reason, the overall gains over the past seven days are less impressive and ADA managed to gain only 2%.
As long as the cryptocurrency is unable to move above the key resistance and convert it into support, ADA may enter into a consolidation between the $1 support level and the current resistance. The indicators remain bullish at the moment and with little volume, buyers may turn back on the offensive.
Looking ahead, Cardano has a good chance of maintaining its bullish bias even though the rejection at $1.2 could result in a retest of key support.
solana
Solana hasn’t stopped surprising us this week, with prices continuing to rise despite volatility in the market. In the last seven days, SOL has registered a price increase of 23%.
The bullish momentum is still very strong, but the price is approaching the key $130 resistance level. The current rally has been going on since March 14 and the longer it is, the more likely the eventual pullback is to happen.
The indicators are currently showing no signs of weakness and key support is found at $100. This gives buyers plenty of time to establish themselves well before a potential revamp.
Shiba Inu (SHIB)
After a spectacular rally, the glamor of SHIB faded this week and the prices registered a rise of only 4%. This is because the key resistance at $0.000028 has prevented it from moving higher. Indicators are also trending downwards, which could lead to a correction.
The MACD histogram on the daily time frame shows a significant reduction in momentum with lower highs over the past three days. A bearish crossover is still at a distance, but market participants should not rule out a possible test of key support at $0.000023.
Looking ahead, SHIB is likely to consolidate between key support and resistance which will keep the price in an ascending triangle which is a bullish pattern. A breakout of this formation could lead to another major rally.
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Cryptocurrency charts by TradingView.