This week, we take a closer look at Ethereum, Ripple, Cardano, Shiba Inu, and Polkadot.
Ethereum (ETH)
Ethereum broke under $3,000 and closes this week with a 5% loss. This latest crash in the price made a lower low which shows bears are still in control of the price action.
The current support is at $2,900 and buyers have to protect this level at all costs. If they fail, then the next major support will be found at $2,500.
Looking ahead, ETH was quickly rejected at the $3,350 resistance in late April. Since then, the price has been in a downtrend. The bias remains bearish, but hopefully May can bring better news for this cryptocurrency.
Ripple (XRP)
Ripple continues to move sideways and closes the week with a 1% loss. While this is not much, volatility was higher this week when the price briefly dropped to 48 cents before bouncing.
The resistance is found at 54 cents and the price seems unable to break this level at this time. Therefore, XRP is more likely to move sideways under the key resistance.
Looking ahead, if sellers decide to return in force, then the next key level of support is at 50 cents. While the chart is bearish, the hope is that sellers will become exhausted after they dominated in April.
Cardano (ADA)
ADA was rejected by the resistance at 46 cents and appears to still struggle. The price is in a downtrend and has fallen by 4% this week.
If buyers don’t return soon, then ADA may make new lows and approach the key support at 40 cents. If that also falls, then buyers could return at 37 cents where ADA had strong demand in the past.
Looking ahead, sell volume has been declining even if the price is falling. This could be an early sign that selling may subside and bulls could be provided with an opportunity to recover some of the recent losses.
Shiba Inu (SHIB)
Shiba Inu lost it’s support at $0.000025 which has now turned into a resistance. For that reason, the price dropped by 11% this week.
The most important support on the chart is at $0.000018, and if nothing changes in the current momentum, then this meme coin will likely test this level.
Looking ahead, SHIB’s correction does not appear to be ending any time soon and may continue well into May. As long as the overall market remains bearish, SHIB will likely follow with lower lows.
Polkadot (DOT)
DOT’s price bounced on the support at $6.3 which allowed it to close the week with a 3% price increase. This is impressive considering all the other coins on our list are in red.
As long as this key support holds, Polkadot has a good chance to challenge the resistance at $7.6 which has so far stopped any attempt from buyers to move the price higher.
Looking ahead, DOT has been moving sideways since mid-April which bring optimism that this downtrend may be coming to an end. To confirm this, buyers have break the resistance at $7.6
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Cryptocurrency charts by TradingView.
