ETH, XRP, ADA, SHIB and DOGE

This week, we take a closer look at ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin.

ethereum (eth)

ethereum had a good week after its price increased by 7%. Support at $3,350 stopped the correction and allowed buyers to return. eth also hit a local high and appears to be consolidating above key support.

The $4,000 resistance remains unchallenged since early March and buyers may need more time to gain momentum before they can try again.

Looking ahead, eth must ensure its price remains above $3,350 to keep the bullish trend intact. However, sellers could challenge that level again and any weakness there could turn the chart bearish.

Ripple (XRP)

XRP remains in a range between 54 cents and 68 cents. The price is up 5% this week but lacks the momentum to challenge key resistance.

At the time of writing, XRP is around 60 cents, putting it in the middle of this range, and more sideways price movements can be expected in the future.

Looking ahead, XRP struggled to attract the attention of market participants and this can be seen in the price action, which lacked clear momentum for months. A breakout of this range still seems far away.

Cardano (ADA)

ADA managed to rise 3% this week, but the overall price action in April has been bearish. Since March, the cryptocurrency has continued to hit lows and this has not changed since then.

Former support at 61 cents has now been confirmed as resistance, and the next key level is 56 cents. Even if buyers seem determined to keep the price above 50 cents, they will likely soon come under pressure.

Looking ahead, if buyers fail to reclaim the 61 cent level as support, then sellers will have more reasons to be aggressive and push ADA lower.

Shiba Inu (SHIB)

Shiba Inu closed the week with a 4% price increase. While this is a welcome change compared to March, when the price fell by double digits, SHIB is still struggling to find its bullish momentum.

As long as the key support at $0.000025 holds, buyers could have the upper hand if market conditions improve. The price action also formed a large pennant on the daily chart, suggesting that volatility may return.

Looking ahead, SHIB could be approaching a turning point, when the price could attempt to break out of its current consolidation and aim higher towards the $0.000037 resistance.

Dogecoin (DOGE)

This week, DOGE impressed with a 15.8% price increase, making it the best performer on our list. This is quite a contrast to other altcoins that struggled to stay in the green.

Somehow, Dogecoin managed to stay just below the key 21 cent resistance and doesn't seem willing to let it go. This may encourage buyers to attempt a breakout next.

Looking ahead, if the bulls manage to push DOGE above the resistance and confirm it as support, then this meme coin will have a clear path to new highs this year.

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