In this week’s analysis, we will look deeper into the technical aspects of some of the most popular cryptocurrencies in the market with the aim to provide expert insights on the performance, features and potential of these digital assets taking into consideration their underlying technologies, developmental roadmap and market trends
Ripple (XRP)
XRP has been stuck in a range between 54 cents and 68 cents. This week, the price increased by 5%, but it lacks the momentum to challenge the key resistance. At present, XRP is hovering around 60 cents, placing it in the middle of this range, and more sideways price action is expected in the future.
XRP has struggled to attract market participants’ attention, which is reflected in its price action that has lacked clear momentum for months. A breakout from this range still appears far away.
Read Also: Unveiling Potential Game-Changers: Top Cryptocurrencies for 2024
Ethereum (ETH)
ETH had a positive week, as its price increased by 7%. The support level at $3,350 stopped the correction and enabled buyers to return. ETH also made a local high and seems to be consolidating above the key support. However, the resistance level at $4,000 has remained unchallenged since early March, and buyers may require more time to gather momentum before they can make another attempt.
For ETH, it is crucial to keep its price above $3,350 to maintain the uptrend. Nevertheless, sellers could challenge that level again, and any weakness there could turn the chart bearish.
Cardano (ADA)
ADA had a 3% increase this week, but the overall price action in April has been bearish. Since March, the cryptocurrency has continued to make lower lows. The former support level at 61 cents has now been confirmed as resistance, and the next key level is 56 cents. Even if buyers appear determined to hold the price above 50 cents, they will likely be put under pressure soon. If buyers fail to reclaim the 61 cents level as support, then sellers will have more reasons to be aggressive and push ADA lower.
Shiba Inu (SHIB)
SHIB had a 4% price increase this week. While this is positive compared to March, when the price dropped in double digits, SHIB still struggles to find its bullish momentum. As long as the key support at $0.000025 holds, buyers could have the upper hand should market conditions improve. The price action also formed a large pennant on the daily timeframe, which suggests volatility may return.
SHIB could be approaching a decisive moment when the price could break away from its current consolidation and aim higher towards the resistance at $0.000037.
Dogecoin (DOGE)
DOGE had an impressive 15.8% price increase this week, making it the best performer on our list. This is quite a contrast from other altcoins that struggled to stay green. Somehow, Dogecoin managed to stay just under the key resistance at 21 cents and does not appear ready to let go. This may encourage buyers to attempt a breakout soon. If the bulls manage to take DOGE above the resistance and confirm it as support, then this meme coin will have a clear path towards new highs this year.
