This week, we take a closer look at ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin.
ethereum (eth)
ethereum is in a difficult position. The price fell 7% this week and now all the pressure is on the key support of $3,350. If this level fails, then the price could retrace below $3,000.
The rally that started in October 2023 finally found a local high at $4,000, which is a key resistance. For this reason, this correction is important and can last a long time.
Looking ahead, if eth cannot stop the 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 were unable to overcome the 68 cent resistance and the price fell soon after.
The good news is that key support is not far away: it is at 54 cents and buyers could return there to stop this correction.
Looking ahead, XRP remains in a largely flat trend since late 2023. The price action showed no decision in either direction and continued to bounce between key levels. This is likely to continue.
Cardano (ADA)
The support at 61 cents failed to stop the selling pressure and the price is now below this key level, closing the week with a 10% loss.
Right now, the most important support is at 46 cents, but the bears have quite a bit of work to do to push ADA to that low level. This scenario is only possible if the market leaders remain bearish.
Looking ahead, this downtrend seems likely to continue for some time and may last until key support is reached. ADA holders should be patient and wait for support.
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 was unable to reach a higher high and the bears quickly took advantage of this weakness.
Current support lies at $0.000025 and the price is likely to test this level before a reversal can be expected. If buyers fail to show strength there, then SHIB could fall further.
Looking ahead, SHIB lost its momentum since February and since March, the price struggled to make sustained gains. This correction below the key resistance of $0.000037 is likely to continue for a while.
Dogecoin (DOGE)
DOGE's attention has faded this week after the price closed with a 16% loss. The bulls failed to overcome the 21 cent resistance and a pullback has since begun.
Sellers appear to have control over the price action and could push Dogecoin to support at 17 cents. If this does not hold, then 15 cents would be the next target of this correction.
Looking ahead, the overall market is in a correction and meme coins are suffering because of it. Dogecoin has to complete its pullback before a new uptrend can be expected.
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