This week, we take a closer look at ethereum, Ripple, Cardano, Shiba Inu, and Polkadot.
ethereum (eth)
ethereum broke below $3,000 and closes this week with a 5% loss. This latest price drop hit a lower low, showing that the bears are still in control of the price action.
Current support is at $2,900 and buyers must protect this level at all costs. If they fail, the next major support will be 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 fell to 48 cents before rebounding.
Resistance lies at 54 cents and the price seems unable to break above this level at the moment. Therefore, XRP is more likely to move sideways under the key resistance.
Looking ahead, if the sellers decide to come back strongly, then the next key support level will be at 50 cents. While the chart is bearish, the hope is that sellers will exhaust themselves after dominating in April.
Cardano (ADA)
ADA was rejected by resistance at 46 cents and appears to still be struggling. The price is in a downtrend and has fallen 4% this week.
If buyers do not return soon, then ADA may reach new lows and approach the key support of 40 cents. If that also falls, then buyers could return to 37 cents, where ADA has seen strong demand in the past.
Looking ahead, sales volume has been declining even if the price is falling. This could be an early sign that selling may slow and the bulls could have a chance to recoup some of the recent losses.
Shiba Inu (SHIB)
Shiba Inu lost its support at $0.000025, which has now become a resistance. For this reason, the price dropped 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, the SHIB correction does not appear to be ending anytime soon and may continue well into May. As long as the overall market remains bearish, SHIB is likely to continue with lower lows.
Polka dots (POINT)
DOT price bounced off the $6.3 support, allowing it to close the week with a 3% price increase. This is impressive considering that all the other coins on our list are in the red.
As long as this key support holds, Polkadot has a good chance of challenging the $7.6 resistance, which has so far stopped any attempts by buyers to push the price higher.
Looking ahead, DOT has been moving sideways since mid-April, leading to optimism that this downtrend may be coming to an end. To confirm this, buyers have broken the resistance at $7.6.
The post May 3 Cryptocurrency Price Analysis: eth, XRP, ADA, SHIB and DOT appeared first on CryptoPotato.
