This week we’ll take a closer look at Ethereum, Ripple, Cardano, Solana and Shiba Inu.
ETH couldn’t exceed $ 3,200 this week, returned to a support level of $ 3,000 yesterday and is now rising. Despite this latest pullback, cryptocurrencies have performed brilliantly this week with a 16% price increase over the past seven days.
The big question is whether ETH can exceed $ 3,000. If it manages to do so, the Bulls could be in another shot position next week with a resistance of $ 3,200. However, if it fails, cryptocurrencies can drop to the next level of support, $ 2,800, which can result in a significant loss of psychological level ($ 3,000).
Going forward, the indicators will continue to be bullish and for optimistic reasons. Buyers must adhere to the $ 3,000 level. Otherwise, the seller may take over price behavior next week.
XRP made a big breakout this week, with prices surpassing the key resistance of $ 0.70 and soon reaching $ 0.90. Overall, it was a great week for XRP with a 34% price increase.
However, it cannot exceed $ 0.90 and was found with a fix supported at $ 0.80. This is not surprising given the large rally that took place a while ago. If $ 0.80 fails, XRP could return to the $ 0.70 level, which is currently acting as a support (previous breakout resistance).
The XRP index remains bullish, and this setback can also be explained by the daily RSI, which went into a temporary overbought state during the rally and is now below 70 points. At the end of this fix, XRP may try a new rally to test a significant psychological level of $ 1.
ADA was also a good week, but the $ 1.2 resistance didn’t allow it to move up and has been struggling ever since. Nonetheless, cryptocurrencies have finished green for the past 7 days and have a 9% price increase.
Given the ongoing fixes, the ADA could fall back to $ 1.1 key support before a new rally is expected. Even if this happens, overall price behavior remains bullish, and after a pullback, the ADA could rise again and try to exceed $ 1.2.
If the ADA is not the primary support, the indicators are likely to remain bullish. If the bullish momentum resumes, this should prepare for a great rally next week. On the other hand, below $ 1.1, the ADA could be driven into a bearish trend.
After rising to $ 120, SOL failed to rise and prices have since fallen towards $ 100 key support. SOL is currently unlikely to be reverted and may be tested for major support. Despite the current fix, SOL was able to close the last 7 days green with a 5% price increase.
Volume fell as prices rose last week. This was an early sign that SOL had no momentum to maintain the rally. The MACD remains bullish in the daily time frame, but the histogram shows a low high and a loss of momentum.
Next week is very important to SOL and buyers will have to do their best to keep the $ 100 level. If that fails, the seller only needs to bring the SOL to less than $ 100, which is a serious defeat.
Shiba Inu (SHIB)
The SHIB has shown the best performance on our list, with a 50% price increase in the last 7 days after a major breakout from the down channel (blue in the graph). Currently, the price is above the main support of $ 0.000029.
If this integration continues and support levels are maintained, SHIB may chart another leg, which could reach $ 0.000040. The indicators are bullish so far and the only concern is volume reduction, which could raise some questions about the strength of this rally.
Looking to the future, SHIB has put an end to the downtrend and has begun a new surge with great success. Given this latest development, it is unlikely that the SHIB will lower the lows. Therefore, the most likely scenario at present seems to be the integration or continuation of the rally.
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Cryptocurrency chart by TradingView.