According to CryptoPotato, this week's analysis of the cryptocurrency market focuses on Ethereum, Ripple, Cardano, Shiba Inu, and Polkadot. Ethereum (ETH) experienced a 7% price increase this week after testing the support at $2,800. Despite making a new yearly low against Bitcoin, Ethereum's resistance is at $3,350 and could be tested by the bulls if the current momentum continues. The cryptocurrency could potentially return to an uptrend soon.
Ripple (XRP) saw a 4% price increase this week, with buyers eager to test the key resistance at 54 cents. The daily MACD turned bullish, indicating that Ripple may be ready to move higher. A decisive breakout above 54 cents is needed to confirm this. If successful, the next target will be 68 cents.
Cardano (ADA) broke the resistance at 46 cents and is currently poised to move towards 60 cents. The price increased by 7.5% this week. The 46 cents level has not yet been confirmed as support, but this could occur as buyers and sellers test their strength. The overall bias on this action is bullish, but continuation is needed to be confident ADA can move higher.
Shiba Inu (SHIB) is keen to break the resistance at $0.000025. If successful, the price could go towards $0.000030. The price found good support at $0.000020 and managed to bring bulls back, but a clear breakout of the current resistance still needs to happen. The buy volume for SHIB has increased in the past few days, suggesting optimism for the next leg up.
Polkadot (DOT) remains in a range between $6.3 and $7.6. However, buyers seem to have the upper hand lately as the market is turning bullish. The price also closed the week with a 6% price increase. On the daily timeframe, DOT did a MACD bullish cross in the past few days which has materialized with higher highs in price. The true test will be the resistance at $7.6 which is also the current target for this price action. A clear breakout from this level may see the price approach double digits again later this month.
