According to CryptoPotato, analyst Duo Nine analyzed the market trends of Ethereum, Ripple, Cardano, Shiba Inu Coin and Dogecoin this week.
The Ethereum (ETH) price correction appears to be over, but the price failed to move significantly above the key support level of $3,300. Despite this, ETH price is up 4% this week. Overall, Ethereum remains bullish on higher timeframes, but has lagged relatively recently, including relative to outperforming Bitcoin. Going forward, Ethereum needs to break above the $4,000 resistance level to re-emerge as a contender and lead the market higher, otherwise it will remain in Bitcoin’s shadow.
Ripple (XRP) remains flat and has failed to break out of its range, with the price rising just 1.7% this week. Support is at $0.53 and resistance is at $0.68. This consolidation between key levels has been going on for a few months and XRP still has not achieved a major breakout, which it needs to break through to attract buyers back.
Cardano (ADA), similar to Ethereum, is trading above the critical support level of $0.61, with a 6% price increase this week. The bullish momentum is yet to fully develop, but if buyers can push the price away from the critical support level, then they may challenge the current resistance level of $0.8. In the future, if ADA resumes its uptrend, then it may eventually approach $1, which will attract market participants and reactivate price action after the recent price pullback.
Shiba Inu Coin (SHIB) is back on an uptrend, with the price up 14% this week. Despite this, SHIB still lags behind DOGE, which has already hit new highs this year. The current resistance level is at $0.000037. The meme coin seems ready to hit new highs, and SHIB is expected to follow DOGE's footsteps.
Dogecoin (DOGE) is up 38.5% this week. Buyers are back in action after support at $0.13 stopped a pullback. The price is now trading at $0.21, which is a critical resistance level. Buyers will need to step up once again to turn this level into support. Looking ahead, Dogecoin is back in the spotlight among traders, with speculation on how high it will go in this bull cycle. The current all-time high price is $0.74, which is the main target for the oldest meme coin in the crypto market.
