This week we take a closer look at ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin.
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 began in March. This has brought optimism back to the market and eth will also benefit from it.
Looking ahead, the price is well placed to test the current resistance in the near future. If, for some reason, the sellers return, then eth has good support at $2,400.
Ripple (XRP)
XRP remains stable and its price did not move at all compared to last week. This is a bit unusual, especially when compared to the broader market, where bitcoin and most altcoins, particularly meme coins, are reaching higher highs.
The price is stuck at just under 60 cents and buyers were unable to overcome it in September. If the bulls manage to do that, momentum could return to this cryptocurrency.
Looking ahead, XRP volume is declining and has struggled to perform well lately. Until momentum and volatility return, the price is unlikely to make any major moves.
Cardano (ADA)
ADA had a great week after closing up 12%. This momentum comes after buyers managed to break above 36 cents, keeping the price in check for most of this month.
At the time of writing, the bulls are attempting to confirm the 40 cent level as key support. If they are successful next weekend, Cardano has a great opportunity to advance towards the next key target, 48 cents.
Looking ahead, momentum favors the continuation of this price action, which can see ADA rise rapidly. That will put it much closer to 50 cents, a price it missed in May.
Shiba Inu (SHIB)
Meme coins are back in the spotlight and Shiba Inu is no exception. Its price skyrocketed 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 spiked to levels not seen since the August low. This quickly caused the price to fall just below the key resistance of $0.000020.
Looking ahead, SHIB has a good chance of testing this level next. Once there, sellers can return and push the price back. The RSI on the daily chart is overbought by 81 points. It is best to be cautious.
Dogecoin (DOGE)
DOGE also had a great 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 similar performance.
The price action has turned bullish and the current target is 13.5 cents. Since buyers dominate at the moment, DOGE has a good chance of reaching this key level before any major pullback.
Looking ahead, it appears that meme coins are performing very well again, and this could last as long as the overall market remains bullish. If so, DOGE could aim to reach 20 cents in the medium term and return to that level from March 2024.
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Cryptocurrency charts by TradingView.
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