Cryptocurrency Market Update: Ethereum, Ripple, Cardano, Shiba Inu, SOL

Ethereum (ETH)

– ETH crashed by 8.6% this week, with most of the loss registered in a few hours.
– The price dropped $200 and found support at $1,660.
– It is still uncertain if bears will continue to attack or if the support will hold.
– If the support holds, the worst may be over for Ethereum.
– The lower low may turn the overall momentum bearish for the rest of the month.

Ripple (XRP)

– XRP experienced a slight decline of 2.4% this week.
– The price is currently consolidating between the $0.45 and $0.50 resistance levels.
– If it breaks above $0.50, it could see a bullish rally towards $0.60.
– However, if it fails to break resistance, it may drop towards the $0.40 support level.

Cardano (ADA)

– ADA had a turbulent week, with a 10% drop followed by a 15% recovery.
– It is currently trading above the key support level of $1.20.
– If buyers step in, ADA could see a rally towards $1.40.
– However, if bears regain control, it may drop towards the $1.10 support level.

Shiba Inu (SHIB)

– SHIB experienced a significant drop of 18% this week.
– The price is currently hovering around the $0.000008 support level.
– If it breaks below this support, it may continue to decline towards $0.000006.
– On the other hand, if it manages to hold the support, it could see a bounce back towards $0.000009.

SOL (Solana)

– SOL had a volatile week, with a 15% drop followed by a 20% recovery.
– It is currently trading above the key support level of $25.
– If bulls continue to push, SOL could rally towards $30.
– However, if bears regain control, it may drop towards the $22 support level.

Hot Take

This week has been a rollercoaster ride for cryptocurrencies. Ethereum faced a significant crash, but managed to find support. Ripple, Cardano, Shiba Inu, and SOL all experienced fluctuations, with some finding support and others still at risk. It’s important for crypto readers to stay updated and monitor these key support and resistance levels to make informed decisions. The market remains uncertain, but there are opportunities for both bulls and bears. Stay vigilant and keep an eye on the charts.