Crypto Price Analysis for September 8: Ethereum (ETH), Ripple (XRP), Cardano (ADA), Shiba Inu (SHIB), and Tron (TRX)

Crypto Price Analysis for September 8: Ethereum (ETH), Ripple (XRP), Cardano (ADA), Shiba Inu (SHIB), and Tron (TRX)

Ethereum (ETH) (ETH)

Take a closer look at Ethereum’s recent performance. Regardless of experiencing low volatility, the price of Ethereum (ETH) has seen a modest loss of 1.7% this coming week. The main resistance at $1,660 has prevented the bulls from pushing the price higher. If sellers increase their pressure, the support levels at $1,550 and $1,440 are critical in stopping them. It’s critical to note that Ethereum (ETH) remains in a downtrend, with momentum favoring the sell side. If nothing changes, there is a high likelihood of a test of the key support at $1,440 in the next few weeks, especially if Bitcoin (BTC) breaks below $25k.

Ripple (XRP)

Let’s analyze Ripple’s performance. XRP Ripple (XRP) has been consolidating around 50 cents for a time now and closed the week with a minor loss of 1.7%. As of now, there is strong support at 47 cents, which is not far from the present price. If sellers return, this level may be tested again, similar to mid-August. On the other hand, the resistance is at 56 cents, and buyers have not shown enough strength to test this level. The overall price action remains bearish, indicating a lack of buy-side strength that could persist for some time. As long as the support at 47 cents holds, there is a likelihood of recovery once the consolidation ends.

Cardano (ADA) (ADA)

Now, let’s examine Cardano’s recent trends. Cardano (ADA) is as of now in a flat trend over the key support at 25 cents, resulting in a minor loss of 1.3% this coming week. Regardless of plenty of attempts, sellers have been unable to break this support. Nonetheless, there is a possibility that bears could continue to put pressure on this key support, potentially leading to a breakdown if buyers become exhausted. The price action of Cardano (ADA) appears fragile and vulnerable to market volatility, especially if market leaders like Bitcoin and Ethereum (ETH) continue to fall lower. In such a scenario, ADA could revisit the 24 cents level.

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Shiba Inu (SHIB) (SHIB)

Let’s analyze the downtrend of Shiba Inu . The price of SHIB continued to make lower highs, resulting in a 5.5% loss this coming week. As of now, the level of support stands at $0.0000075, which has held against bearish pressure so far. Nonetheless, if the bearish sentiment persists, sellers could return and push the price lower. It’s critical to note that SHIB has lost all the gains it made in August and could potentially reach new lows this month.

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Tron (TRX)

Lastly, let’s take a look at Tron’s performance. Tron distinguished as the outlier on our list, registering a 1.8% increase this coming week while most altcoins are in the red. This can be attributed to Tron’s consistent uptrend since the beginning of the year, characterized by higher lows and higher highs. As of now, Tron has support at $0.077, and if buyers continue to persist, they could potentially drive the price back to the main resistance at $0.086. If this happens, the uptrend is very likely continue for some time.

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Hot Take

As the cryptocurrency market continues  to fluctuate, it’s essential to closely monitor the performance of different digital currencies. Understanding key support and resistance levels, as well as market trends, can help you make notified decisions in the case of investing in digital currencies. Remember to stay updated with the latest news and developments in the cryptocurrency space to navigate the market effectively.

Author – Contributor at | Website

Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.

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