This week we take a closer look at Ethereum, Ripple, Cardano, Solana, and Shiba Inu.
Ethereum plummeted last week, with its biggest sales coming on Thursday, when the price reached its lowest level of $1,700 in 2022 (at Bitstamp). Since then, the price has recovered above $2,000 and has found good support at $1,900. Overall, it has been a very tough week for ETH, which has lost 22% in the last 7 days.
Nonetheless, there are signs of optimism that yesterday’s volume spike could indicate a possible reversal of the downtrend, at least in the near term, as we haven’t seen high volume since 2021. As of this writing, ETH is on. move up.
The next major resistance levels are $2,200, $2,350 and $2,500. Both the MACD and RSI indicators currently favor the bulls, suggesting that there may be a potential reversal. If this is realized in the next few days, the cryptocurrency could perform well over the next week, recovering some of its recent losses.
XRP plunged from $0.336 (Binance) yesterday to levels not seen since February 2021. The sell-off has been steep and since then the price of XRP has recovered somewhat, turning the $0.37 level into support. Overall, it’s down 25% in the last 7 days.
Any recovery will face resistance at $0.56, which served as support in the past. Considering that the market may have bottomed out during yesterday’s sell period, there is a good chance that XRP will recover and attempt a relief rally in the next few days.
However, prices were lower on most charts, weakening the overall macro trend despite a rally of relief. For this reason, it is best to keep a close eye on key resistance levels as sellers may return.
Despite severe crashes, the ADA has shown sustained recovery over the past 24 hours. The price yesterday found support by dropping to $0.40 (Binance) and is currently just below the key resistance of $0.59. Compared to the previous two cryptocurrencies, ADA performed the worst over the past 7 days, losing 28% of its valuation.
The volatility over the past three days has caused the price of ADA to decline by 39% and recover by 51%. This shows that the market is very unpredictable and price movements are unusual at this time. Volume surged yesterday, but now appears to be declining and volatility should decrease.
The ADA’s biggest challenge is moving above the resistance level at $0.59. If successful, the price may attempt to rally to the next major level found at $0.75.
Since early April, Solana has plummeted more than 70%, with the most recent price action reaching a potential regional bottom of $37 (Binance). The last time Solana’s price was this low was in August 2021. With a price drop of 26% over the past 7 days, Solana has been the worst performing on our list.
Key support is $44 and resistance is $57. Solana is attempting to recover from its most recent losses as of this post, but buyers need to build more momentum to break the aforementioned level. If successful, the next target is $78.
Shiba Inu (SHIB)
Shiba Inu was one of the most popular cryptocurrencies during the bull market. Now the price has dropped to a level not seen since October 2021. It has found good support during its most recent plunge from $0.000010 and SHIB is currently in a relief rally. Despite continued recovery, SHIB has still lost 30% of its valuation in the last 7 days.
The most important resistance levels are $0.000017 and $0.000020. To reach them, SHIB buyers will have to reverse the momentum in their favor and sustain it over the next week. Historically, the SHIB has performed poorly in a bear market, even after a few days, but as long as the market recovers, the SHIB can perform well.
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