Your Weekly Cryptocurrency Update
Stay informed with the latest price movements of Ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin in this weekly crypto update.
A Challenging Week for Ethereum (ETH)
Ethereum faces a challenging week as its price dropped by 7%, putting pressure on the key support level at $3,350. If this support fails, there is a possibility of the price dropping below $3,000.
- The recent rally that began in October 2023 hit a local top at $4,000, a crucial resistance level.
- The ongoing correction is significant and could persist for some time.
- If selling pressure continues, ETH may fall towards $2,800 in the near future.
Price Decline for Ripple (XRP)
Ripple also experienced a price decline of 7% this week, with buyers failing to push the price above the 68 cents resistance level. The price quickly dropped after this failed attempt.
- The key support for XRP is currently at 54 cents, indicating a potential rebound point for buyers.
- XRP has been trading in a large flat trend since late 2023, lacking clear direction and moving between key levels.
- The sideways movement may persist in the coming days.
Downward Trend for Cardano (ADA)
Cardano faced a tough week, closing with a 10% loss as the support at 61 cents couldnโt hold against selling pressure, pushing the price below this crucial level.
- The next significant support for ADA is at 46 cents, but a bearish scenario would require considerable effort from sellers to reach this level.
- The current downtrend is expected to continue until key support levels are tested and possibly established.
Struggles for Shiba Inu (SHIB)
Shiba Inu had a challenging week, with a 17% loss making it the worst-performing asset on the list. Failure to establish a higher high led to bearish pressure dominating the price action.
- The current support level for SHIB is at $0.000025, with a potential test of this level before any signs of a reversal can be observed.
- The momentum for SHIB has been dwindling since February, with struggles to overcome the key resistance at $0.000037.
- The correction phase may continue in the near future.
Dimming Spotlight on Dogecoin (DOGE)
Dogecoin faced a challenging week, closing with a 16% loss as bulls were unable to surpass the 21 cents resistance level, leading to a pullback.
- Sellers are currently in control of the price action, potentially driving Dogecoin towards the support at 17 cents. Further decline could target 15 cents.
- The overall market correction has impacted meme coins like Dogecoin, requiring a completion of the pullback before a new uptrend is anticipated.
Hot Take: Stay Alert and Informed
Keep a close watch on the evolving crypto market trends and news to make informed decisions. Stay updated with the latest developments and be prepared for potential price movements in the volatile cryptocurrency space.
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.