This week, we take a closer look at ethereum, Ripple, Cardano, Shiba Inu, and Polkadot.
ethereum (eth)
ethereum finally woke up this week after testing support at $2,800 and closed with a 7% price increase. However, eth hit a new yearly low against bitcoin.
Resistance is at $3,350 and if this momentum continues, the bulls could test it in the coming days. Ideally, ethereum will rise soon and return with an uptrend.
Looking ahead, eth could be bottoming locally at this price level, and a relief rally may begin after a long correction that began in early March.
Ripple (XRP)
Ripple continued to oscillate in a channel and closed the week with a 4% price increase. Buyers seem interested in testing the key resistance at 54 cents. If they succeed in a breakout, then they could expect to see the prices rally again.
The daily MACD turned bullish last week, suggesting that this cryptocurrency is ready to rise. A decisive break above 54 cents is needed to confirm this.
Looking ahead, XRP has a real opportunity next week to regain volume and buyers. If successful, the next target will be 68 cents.
Cardano (ADA)
ADA finally broke the 46 cents resistance and currently looks poised to move towards 60 cents next. The price increased by 7.5% this week.
The 46 cent level has not yet been confirmed as support and this could occur as buyers and sellers test their strength. The overall bias for this stock is bullish, but a continuation is necessary to be sure that ADA can go higher.
Looking ahead, momentum favors the bulls in the coming days, but let's not rule out a possible pullback.
Shiba Inu (SHIB)
Shiba Inu mirrors the XRP chart and looks set to break the $0.000025 resistance. If successful, buyers can expect the price to rise to $0.000030 next.
The price found good support at $0.000020 and managed to bring the bulls back, but a clear break of the current resistance is still needed.
Looking ahead, SHIB buying volume has increased in recent days, suggesting optimism that the next bull leg could be about to begin. Watch key resistance to confirm a bullish bias.
Polka dots (POINT)
Polkadot remains in a range between $6.3 and $7.6. However, buyers seem to have the upper hand lately as the market is turning bullish. The price also closed the week with a 6% price increase.
On the daily chart, DOT made a bullish MACD crossover in recent days that materialized with higher highs in price. The real test will be the resistance at $7.6, which is also the current target for this price action.
Looking ahead, DOT's consolidation in this range could be coming to an end, and a clear break of this level could see the price approach double digits again later this month.
The post May 18 Cryptocurrency Price Analysis: eth, XRP, ADA, SHIB and DOT appeared first on CryptoPotato.
