This week, we examine Ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin in greater detail.
Ethereum (ETH)
Ethereum closed another good week with a 4% price increase. Buyers remain interested and managed to push the price above $2,600. The current target is $2,800, which will also act as key resistance.
Momentum slowly turned bullish in September, and the price escaped the downtrend that started in March. This has brought back optimism to the market, and ETH stands to benefit from it as well.
Looking ahead, the price is well-placed to test the current resistance in the near future. If, for any reason, sellers return, then ETH has good support at $2,400.
Ripple (XRP)
XRP continues to be flat, and its price didn’t move at all compared to last week. This is a bit unusual, especially when compared to the overall market, where Bitcoin and most altcoins, particularly meme coins, are making higher highs.
The price is stuck just under 60 cents, and buyers were unable to break it in September. If the bulls manage to do that, momentum could return to this cryptocurrency.
Looking ahead, XRP’s volume is in decline and has struggled to perform well lately. Until momentum and volatility return, it’s unlikely to see the price make any major moves.
Cardano (ADA)
ADA had a great week after closing with a 12% increase. This momentum comes after buyers managed to break above 36 cents, which kept the price in check for most of this month.
At the time of this post, bulls are trying to confirm the 40 cents level as key support. If they are successful over this coming weekend, then Cardano has a great shot at moving higher to the next key target, 48 cents.
Looking ahead, momentum favors a continuation of this price action, which can quickly see ADA move higher. That will bring it much closer to 50 cents, a price that was lost back in May.
Shiba Inu (SHIB)
Meme coins are back in the spotlight, and Shiba Inu is no exception. Its price exploded this week, increasing by a mind-blowing 34%. This has put SHIB back on the map, and buyers are rushing to get exposure.
After the price found good support at $0.000014, buyers became confident, and volume shot up to levels not seen since the bottom in August. This has quickly taken the price down to just under the key resistance of $0.000020.
Looking ahead, SHIB has a good chance of testing this level next. Once there, sellers may return and take the price into a pullback. The RSI on the daily timeframe is overbought at 81 points. It’s best to remain cautious.
Dogecoin (DOGE)
DOGE also had an excellent week after closing with a 16% price increase. Considering that its market capitalization is almost double that of SHIB, DOGE needs many more buyers and more volume to achieve a similar performance.
The price action has turned bullish, and the current target is 13.5 cents. Since buyers are dominating right now, DOGE has a good chance to hit this key level before any major pullback.
Looking ahead, it appears meme coins are performing very well again, and this could last as long as the overall market remains optimistic. If so, DOGE could aim to reach 20 cents in the medium term and revisit that level from March 2024.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position 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.
