This week, cryptocurrency investors witnessed a surge in prices of some of the most popular digital coins, including Ethereum, Ripple, Cardano, Dogecoin, and Shiba Inu. This article provides an overview of how each performed.
Bulls took over the market and Ethereum recorded an impressive 12.6% increase in price this week. After experiencing a shift in momentum that favored bulls, the price is expected to continue to rise. Ethereum found a strong support level at $1,660 that acted as a pivot for the current rally.
As a result, the resistance turned into support at $1,820, and the next targets for Ethereum are expected to be at $2,000 and $2,100. With successful buyers here, ETH is poised to recover most of its losses since April and retest the key resistance at $2,100.
Even though Ripple demonstrated strength when most altcoins were down, it failed to capitalize on the bullish sentiment that followed. Consequently, XRP recorded only a 3% increase in price this week. The main hurdle for Ripple at the moment is the key resistance at 53 cents, which is currently preventing buyers from pushing the price higher. With increasing volatility, an attempt at a breakout is imminent.
However, XRP appears to be consolidating below the key resistance, and in case of a pullback, the key support at 44 cents should prevent any major sell-off.
Finally, Cardano has halted its long downtrend after finding strong support at 24 cents. The price surged in line with the market and recorded a 12.2% increase in price, similar to Ethereum. As the sentiment surrounding ADA turns bullish, the market wonders if buyers can keep the price at the current key level of 30 cents, as any weakness could turn this level into a resistance.
The future for ADA appears to be promising, but the market is in for some volatility, so traders should keep a keen eye on Ethereum for signs of strength or weakness to predict any market changes.
Dogecoin has taken a bullish turn this week and recorded a 7.7% increase in price, thereby relieving pressure on the market bears. While the momentum indicators have turned bullish, it is still too early to discern if this surge will be sustainable. The key resistance remains at 7.3 cents while the current support level is at 6.5 cents.
Investors should watch Dogecoin closely to ensure that the key support level at 6.5 cents is sustained as the bears could stage a comeback if this support level falters.
Shiba Inu (SHIB)
Notably, Shiba Inu recorded the most impressive performance this week after slumping to a support level of $0.0000065. This cryptocurrency recorded a 16.3% increase in price. However, the current resistance level is at $0.0000078, and sellers appear to be preventing any significant rise in price as they push down any attempt at a breakout.
While buyers are eager to push Shiba Inu higher, it remains to be seen if they can sustain this momentum as they have struggled to do so in the past.