This week we take a closer look at ethereum, Ripple, Cardano, Solana, and Dogecoin.
ethereum (eth)
ethereum concludes a strong week with an impressive 21% price increase that puts it above $3,000. Such a rebound had not been seen for months. This is bringing optimism and enthusiasm back to the eth ecosystem after a difficult period since March.
The most important level on this chart is the support at $2,880, which used to act as resistance. Buyers finally managed to break it, and now the way is open for ethereum to rise much higher, with the next key resistance found at $3,350.
Looking ahead, eth is showing signs of strength that were absent for most of the year. This renewed market interest could propel it to a sustained rally to challenge the March high of $4,000 and even the all-time high of $4,800 from 2021.
Ripple (XRP)
This is good news for XRP as its price broke above 54 cents which now acts as support. This allowed it to close the week 7% higher. The bullish momentum is not as strong as that of ethereum, but it is recovering thanks to the return of buyers.
Buying volume is starting to increase which could indicate that this cryptocurrency may enter a sustained rally that could see it challenge the 60 cent resistance below.
Looking ahead, XRP is a momentum coin and sooner or later its price will try to catch up with other altcoins that are currently ahead, such as eth or SOL.
The Cardano community is celebrating a fantastic week after their favorite altcoin surged 22%. This performance allowed the price to surpass 40 cents, which is the current support.
With the return of buyers, ADA looks set to next challenge the 50 cent resistance, which posed some difficulties in the past. However, as long as the overall market remains bullish, this cryptocurrency may enter a sustained recovery.
Looking ahead, Cardano's bearish trend is over and for the first time since March, buyers are once again dominant. Hopefully, this will last for a good while, so that the price can return to the levels from earlier this year.
Solana (SUN)
Solana also had a great week after closing with a 20% price increase. This allowed it to surpass $200 for the first time since March. The price action is bullish and higher levels are likely in the future. Current support is at $180.
Resistance lies at $206 and may challenge buyers next week. A pullback below this level should not be ruled out.
Looking ahead, Solana needs to break above $206 to maintain bullish momentum. Any weakness there will give sellers the opportunity to take control.
Dogecoin (DOGE)
DOGE is the best performer this week, with a 26% rally. This meme coin is coming back into the spotlight, and the price proves it, settling just below the key resistance at 21 cents.
As buyers returned to DOGE, the chart formed a clear bullish pattern that appears to be just beginning. As soon as the 21 cents level falls, the price will clearly be at 31 cents which will be the next key resistance.
Looking ahead, Dogecoin will perform well in the coming weeks as attention returns to the father of meme coins. The current all-time high is at 74 cents, which is a likely target if DOGE breaks above 50 cents later.
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Cryptocurrency charts by TradingView.
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