This week, we take a closer look at Ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin.
Ethereum (ETH)
Ethereum is found in a difficult position. The price fell by 7% this week, and now all the pressure is on the key support at $3,350. If this level fails, then the price might retreat below $3,000.
The rally that started in October 2023 has finally found a local top at $4,000, which is a key resistance. For this reason, this correction is significant and may last for quite a bit.
Looking ahead, if ETH can’t stop sellers at the key support, then the price is likely to fall towards $2,800 next.
Ripple (XRP)
XRP also suffered this week, and its price fell by 7%. Buyers could not break above the 68 cents resistance, and the price tumbled soon after.
The good news is that the key support is not far away – it’s at 54 cents, and buyers could return there to stop this correction.
Looking ahead, XRP remains in a large flat trend since late 2023. The price action did not show decisiveness in any direction and kept bouncing between the key levels. This will likely continue.
Cardano (ADA)
The support at 61 cents could not stop the sell pressure, and the price is now below this key level, closing the week with a 10% loss.
Right now, the most important support is found at 46 cents, but bears have quite some work to do to take ADA that low. This scenario is possible only if the market leaders remain bearish.
Looking ahead, this downtrend seems likely to continue for some time and may last until the key support is reached. ADA holders should be patient and wait for support to be found.
Shiba Inu (SHIB)
Shiba Inu had a bad week after closing with a 17% loss, making it the worst performer on our list. The price could not make a higher high and bears quickly came to take advantage of this weakness.
The current support is found at $0.000025, and the price is likely to test this level before any reversal can be expected. If buyers fail to show strength there, then SHIB could fall even more.
Looking ahead, SHIB lost its momentum from February, and since March, the price struggled to make sustained gains. This correction under the key resistance at $0.000037 seems likely to continue for a while.
Dogecoin (DOGE)
DOGE’s spotlight has faded this week after the price closed with a 16% loss. Bulls failed to break above the 21 cents resistance, and since then, a pullback has started.
Sellers appear to have control over the price action and could take Dogecoin to the support at 17 cents. If that fails to hold, then 15 cents would be the next target for this correction.
Looking ahead, the overall market is in a correction, and meme coins are suffering because of that. Dogecoin has to complete its pullback before a new uptrend can be expected.
LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Credit: Source link
