This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Shiba Inu.
Ethereum had crashed this past week, with the largest selling volume taking place on Thursday when the price reached its lowest level in 2022 at $1,700 (on Bitstamp). Since then, the price has recovered above $2,000 and has found good support at $1,900. Overall, it was a very difficult week for ETH, which lost 22% in the past seven days.
Nevertheless, there are signs of optimism that the spike in volume yesterday may indicate a possible reversal in the downtrend, at least in the near term, because such high volume has not been seen since 2021. At the time of this writing, ETH is on the move up.
The next key resistance levels are found at $2,200, $2,350 and $2,500. The indicators also favor bulls now, with the MACD and RSI indicators both signaling that a potential reversal might be in play. Should this materialize in the next few days, then the cryptocurrency may see a good performance in the coming week, recovering some of the most recent losses.
XRP took a nosedive yesterday to a level not seen since February 2021 at $0.336 (Binance). The selloff was sharp, and since then, XRP’s price has recovered to some extent, turning the $0.37 level into support. Overall, it lost 25% in the past seven days.
Any recovery will face resistance at $0.56, which used to act as a support in the past. Considering that the market may have bottomed yesterday during the selloff, XRP has a good chance to recover and attempt a relief rally in the next few days.
However, it is important to note that on most charts, the price has made a lower low which makes the overall macro trend bearish, despite any relief rally. For this reason, it is best to watch the key resistance level carefully as sellers may return.
Despite a significant crash, ADA has made a sustained recovery in the past 24h. Yesterday, its price fell to $0.40 (Binance), where it found support, and now it sits just under the key resistance at $0.59. Compared to the previous two cryptocurrencies, ADA performed the worst in the past seven days, losing 28% of its valuation.
The volatility in the past three days saw the price of ADA fall by 39% and recover by 51%. This goes to show that the market can be very unpredictable, and price swings are out of the ordinary at this time. The volume spiked yesterday but now seems to decrease, which should lower volatility as well.
The biggest challenge for ADA is to move above the resistance at $0.59. If successful, then its price can attempt to rally to the next key level found at $0.75.
Since early April, Solana has crashed over 70%, with the most recent price action seeing it reach a potential local bottom at $37 (Binance). The last time Solana’s price was this low was in August 2021. With a price loss of 26% in the past seven days, Solana is the worst performer on our list.
The key support level is found at $44 and the resistance – at $57. While Solana is attempting to recover some of its most recent losses at the time of this post, buyers need to build up more momentum to break the aforementioned level. Should they be successful, the next target is $78.
Shiba Inu used to be one of the most popular cryptocurrencies during the bull market. Now, the price has fallen to levels not seen since October 2021. It found good support during this most recent crash at $0.000010, and SHIB is currently in a relief rally. Despite its ongoing recovery, SHIB still lost 30% of its valuation in the past seven days.
The most important resistance levels are at $0.000017 and $0.000020. To reach them, SHIB buyers have to reverse the momentum in their favor and sustain it in the coming week. Historically, SHIB has been a poor performer beyond a few days in a bear market, but so long the market remains in recovery, SHIB could perform well.
Duo Nine is a seasoned cryptocurrency technical analyst with over five years of experience in price action trading. After buying his first Bitcoin in 2014, Duo never left the blockchain ecosystem. You will find him posting charts most of the time and hanging out on his Discord crypto community. Contact: Twitter
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