This week, we take a closer look at Ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin.
With the market turning red, Ethereum’s price has fallen to the key support at $1,820, losing 1.7% this week. It is critical for buyers to hold here, as the alternative is grim and may see ETH approach $1,600 next.
The current resistance is found at $2,000, and the price has always been rejected when it approached this level. Considering that the current bias is bearish, it is unlikely for ETH to test the resistance any time soon.
Looking ahead, this cryptocurrency lacks the momentum to bring about a relief rally, and the best it can do right now is to stay above the key support. However, sellers may be encouraged to press their attack and take ETH lower if the momentum continues to favor them.
After an exciting month in July, XRP started August in red and lost its support at 68 cents. This level will now act as resistance. The price also fell by 7.2% this week.
The most significant support on the chart right now is found at 56 cents which was also a key breakout point during the rally in July. With sellers dominating right now, the price seems likely to continue its fall and hopefully settle on the key support.
Looking ahead, it might be the case that the buyers will return as soon as XRP approaches the key support. If they manage to stop the correction there, then a relief rally could follow.
Cardano has lost its uptrend this past week and, in the process, lost 5.5% of its valuation. This has turned the price action bearish, and bulls could return at 28 cents which is the current key support.
The 30 cents level is now a key resistance, and it may take a while before buyers gather the strength to test it again. The fact that bulls could not hold the price above it shows weakness.
Looking ahead, ADA is expected to approach 28 cents in the near future. If buyers become interested at this key level, then this correction may end there.
Shiba Inu (SHIB)
While the other altcoins on our list closed in red, SHIB stands out as the only one to register an impressive 10% price increase this week. With most of the market in the red, this memecoin stands out.
The price action has also formed an ascending wedge which has the key resistance at $0.000009. SHIB could continue its uptrend to test this level before any major pullback.
Looking ahead, Shiba Inu has managed to sustain its bullish momentum, despite a negative market sentiment. Should sellers return, then SHIB has good support at $0.0000078.
While SHIB is moving higher, DOGE suddenly turned around and closed the week with a 3.3% loss. The price is now found on the 7.3 cents support level, and buyers seem to struggle to hold it.
It is critical for the price not to fall under its support as that would break the uptrend that started in June. If Dogecoin hopes to test the key resistance at 8.5 cents, then it must hold here.
Looking ahead, DOGE has some difficult days ahead. If sellers intensify their pressure and break below 7 cents, then the price action will turn bearish for quite some time.
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Cryptocurrency charts by TradingView.