This week, we take a closer look at ethereum, ripple, cardano, solana, and shiba inu.
Reading: Ethereum april 1
Last week’s momentum allowed eth to rally as high as $3400, which currently acts as a key resistance. the buyers were unable to break this level and now the price is in a retracement. despite this, eth still managed to post a 5.7% price increase over the last seven days.
support is at $3000 and if this pullback turns into a more significant correction then eth price could drop to this level before buyers become interested again. the indicators, particularly the macd, show a descending histogram on the daily chart. this indicates a loss of momentum for buyers.
Looking ahead, eth might have a good chance to test support at $3000 before bullish momentum returns. the market was overextended due to the most recent rally and this price action was somewhat expected.
See also: Proof-of-work (PoW) | ethereum.org
xrp price has been facing strong resistance at the $0.86 level and after several attempts the buyers still failed to break above it. Furthermore, yesterday the bears pushed the price lower to $0.78, causing XRP to close the week in the red, posting a 2.4% loss.
With support at $0.70, sellers have a lot of work to do until they can reach that level. Buyers have so far managed to avoid a big price loss, but the pressure is mounting. the macd completed a bearish cross yesterday signaling the end of the most recent rally.
Sellers have an opportunity to take control of the price at this point and push it towards the $0.70 support level. the current change in momentum favors them.
After one of the strongest rallies this year for ada, the price has faced a hard stop at the $1.2 resistance. For this reason, the overall gains over the past seven days are less impressive, with ada only achieving a 2% gain.
As long as the cryptocurrency is unable to move above key resistance and turn it into support, it is likely to enter a consolidation between the $1 support level and current resistance. indicators are still bullish at the moment and with a bit of volume, the buyers could go back on the offensive.
Looking ahead, cardano has a good chance of maintaining its bullish bias, even if key support is likely to be retested after the $1.2 rejection.
solana has not ceased to surprise us this week, with prices continuing to rise despite the market decline. in the last seven days, the sun has registered a price increase of 23%.
The bullish momentum is still very strong, but the price is fast approaching the key resistance of $130. the current rally has been ongoing since March 14 and the more time passes, the greater the chance of an eventual pullback.
Indicators are not showing signs of weakness at the moment and key support is at $100. this gives buyers plenty of time to position themselves well before a possible correction.
Shiba Inu (SHIB)
After a fantastic rally, the glamor of shib faded this week with the price posting just a 4% rise. this is because key resistance at $0.000028 prevented it from rising. the indicators also curve downwards, which can lead to a correction.
the macd histogram on the daily time frame shows a major decline in momentum over the past three days with lower highs. a bearish cross is still some way off, but market participants should not rule out a possible test of key support at $0.000023.
Looking ahead, shib is likely to consolidate between key support and resistance, which would put the price in an ascending triangle which is a bullish pattern. a break above this formation could lead to another major rally.