ETH, XRP, ADA, SHIB, DOGE

This week we take a closer look at Ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin.

Ethereum (ETH)

Ethereum had a strong week with its price increasing by 7%. The support at $3,350 halted the correction and allowed buyers to return. ETH has also hit new highs locally and appears to be holding steady above major supports.

The $4,000 resistance remains unchallenged since early March, and buyers may need more time to gather momentum before challenging it again.

Looking ahead, ETH should prevent its price from rising above $3,350 to maintain its upward trend. However, sellers could challenge that level again and any weakness there could turn the chart bearish.

Ripple (XRP)

XRP is trading in a range of 54 cents to 68 cents. Prices have risen 5% this week, but lack the momentum to challenge key resistance levels.

At the time of this post, XRP is hovering around 60 cents, which puts it in the middle of this range, and we expect more sideways price movements in the future.

Looking ahead, XRP is struggling to gain the attention of market participants, as evidenced by its price trend, which has lacked clear momentum for several months. A breakout from this range seems still far away.

Cardano (ADA)

Although ADA managed to rise 3% this week, the overall price trend in April was bearish. Since March, cryptocurrencies have been making new lows, and this has not changed since then.

The previous support at 61 cents is now confirmed as resistance, with the next important level at 56 cents. Even if buyers appear determined to keep prices above 50 cents, they are likely to come under pressure soon.

Going forward, if buyers fail to reclaim the 61 cents level as support, sellers will have more reason to be aggressive and pull ADA lower.

Shiba Inu (SHIB)

Shiba Inu ended the week with a 4% price increase. While this is a welcome change compared to March, when prices fell by double digits, SHIB is still struggling to find any bullish momentum.

As long as the important support at $0.000025 holds, buyers may have the upper hand if market conditions improve. Price action has also formed a large pennant on the daily time frame, suggesting that volatility may return.

Looking ahead, SHIB may be approaching a decisive moment, when the price could break out of the current consolidation and move further towards the resistance at $0.000037.

Dogecoin (DOGE)

This week, DOGE was the best performer on the list with a 15.8% price increase. This is in stark contrast to other altcoins that have struggled to stay green.

Somehow, Dogecoin remains just below the key resistance level at 21 cents and doesn't seem ready to let go. This could prompt buyers to attempt a breakout next.

Looking ahead, if the bulls manage to push DOGE above resistance and confirm it as support, the meme coin will have a clear path to new highs this year.