Price Analysis: ETH, XRP, ADA, SHIB, and DOT
Ethereum (ETH)
The downtrend in Ethereum seems to be coming to an end as the price has decided to move sideways above a key support. As a result, ETH closed the week with a 2% increase in price.
The cryptocurrency is currently stuck between the $2,900 support and $3,370 resistance. The longer it consolidates here, the more significant the eventual breakout will be.
Looking ahead, ETH has made a bullish crossover on the daily MACD, which could bring optimism and put the bulls back in control. To confirm the bullish bias, the $3,370 resistance must fall.
Ripple (XRP)
Earlier this month, XRP failed to stay above 53 cents and fell all the way to 43 cents, which is currently a key support. XRP bounced off this level and managed to close the week with a 6% increase.
Even though the buyers managed to defend the price and keep it above 43 cents, they can’t seem to push this cryptocurrency to new highs. The resistance level at 54 cents could prevent any new buying interest.
Looking ahead, XRP has been stuck in a wide range since late 2023, unable to stage a major breakout. This situation has not changed so far this year. Until then, don’t expect a big rally.
Cardano (ADA)
ADA found good support at 46 cents, closing the week with a 2.6% increase in price. As long as the key support holds, buyers can regain control of price action.
The current resistance is 61 cents, a level Cardano has not tested yet. If the support holds, a relief rally could follow.
At this point, a test of the key resistance becomes possible.
Looking ahead, if buyers can stop the downtrend here, they may try to get this cryptocurrency back on the uptrend in the coming month.
Shiba Inu (SHIB)
Shiba Inu closed the week with a 14% gain, making it the best performer on our list. This is an impressive recovery considering the week before when the price made a new local low.
The key support is priced at $0.000025. So far, buyers have managed to hold here and protect SHIB from further selling pressure. The resistance is $0.000037.
Looking ahead, the ideal scenario for this meme coin is to fluctuate above key support and eventually attempt a new rally in May.
Polkadot (DOT)
DOT's price action is similar to Cardano's and has managed to find good support above $6.7. For this reason, the price closed the week up 1.8%.
The pullback seems to be coming to an end, and as long as the key support remains intact, buyers can use this time to gather strength and try to break through the current key resistance of $7.7.
Looking ahead, DOT may consolidate before trying to resume its upward trend. This depends on whether the overall market turns bullish.
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