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This week, we examine Ethereum, Ripple, Cardano, Shiba Inu, and Tron in detail.
Ethereum (ETH)
The price of Ethereum has experienced a period of low volatility, recording a slight decline of 1.7% this week. With the price remaining below the significant resistance level of $1,660, the bulls seem unable to push ETH higher at this moment.
Current support levels are identified at $1,550 and $1,440, with the latter being the most reliable to halt selling pressure should it intensify at these points.
Looking forward, Ethereum is still in a downtrend, with momentum leaning towards selling. A test of the crucial support at $1,440 seems probable in the coming weeks, especially if Bitcoin falls below $25k.
Chart by TradingView.
Ripple (XRP)
XRP has been stabilizing around the 50-cent mark for some time and concluded the week with a slight loss of 1.7%. This cryptocurrency has solid support at 47 cents, which is close to the current trading price. If sellers re-emerge, this level may be tested again, reminiscent of mid-August.
The resistance level is set at 56 cents, and thus far, buyers have not managed to reach this threshold. This lack of buying strength may persist for a while as the overall price movement remains bearish.
Looking ahead, XRP seems inclined to maintain its position around 50 cents, a significant psychological level. The current stagnant trend appears likely to continue, and as long as the price does not breach the support at 47 cents, a recovery could occur once the consolidation phase concludes.
Chart by TradingView.
Cardano (ADA)
Cardano is also exhibiting a flat trend above the crucial support at 25 cents. Consequently, its price recorded a minor decline of 1.3% this week. Sellers have been unable to breach this support despite multiple attempts.
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While ADA bulls have demonstrated strength thus far, bears may continue to exert pressure on this key support. If further tests occur, buyers could become fatigued, potentially leading to a breakdown.
Looking ahead, the price action appears vulnerable to any renewed volatility in the market, particularly if leading cryptocurrencies such as BTC and ETH decide to decline further. In such a scenario, ADA could revisit 24 cents.
Chart by TradingView.
Shiba Inu (SHIB)
Shiba Inu’s downtrend remains unbroken, with the price continuing to form lower highs. As a result, the price experienced a 5.5% loss this week, making this meme coin the least performing asset on our list.
The current support is located at $0.0000075, which has so far withstood the pressure from sellers. However, if the bearish sentiment persists, sellers could return to push the price lower.
Looking ahead, SHIB has forfeited all gains made in August and may even reach new lows this month.
Chart by TradingView.
Tron (TRX)
Tron stands out on our list, having achieved a gain of 1.8% this week. This is unexpected, given that most altcoins are experiencing declines.
This performance can be attributed to the price action, which has placed TRX in an uptrend since the beginning of the year. The price has consistently made higher lows and higher highs for several months, and this trend remains intact.
Looking forward, Tron has support at $0.077, and if buyers remain active, they could drive the price back to the significant resistance at $0.086. If this occurs, the uptrend is likely to continue for some time.
Chart by TradingView.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
