Outside Source
This week, we examine Ethereum, Ripple, Cardano, Solana, and Dogecoin in greater detail.
Ethereum (ETH)
Ethereum concludes a strong week with an impressive 21% price increase which brings it above $3,000. Such a rally was not seen in months. This is returning optimism and excitement to the ETH ecosystem after a difficult period since March.
The most important level on this chart is the support at $2,880, which used to act as resistance. Buyers finally managed to break it, and the path is now open for Ethereum to go much higher, with the next key resistance found at $3,350.
Looking ahead, ETH is showing signs of strength that were absent for most of the year. This renewed interest from the market could push it into a sustained rally to challenge the March high of $4,000 and even the all-time high of $4,800 from 2021.
Ripple (XRP)
This is good news for XRP, as its price moved above 54 cents, which is now acting as support. This allowed it to close the week 7% higher. The bullish momentum is not as strong as for Ethereum, but it is picking up thanks to buyers returning.
The buy volume is starting to increase, which could signal that this cryptocurrency may enter a sustained rally that could see it challenge the resistance at 60 cents next.
Looking ahead, XRP is a momentum coin, and sooner or later, its price will aim to catch up with other altcoins that are currently ahead, such as ETH or SOL.
- Cardano (ADA)
The Cardano community is celebrating a fantastic week after their favorite altcoin rallied by 22%. This performance allowed the price to break above 40 cents, which is the current support.
With buyers back, ADA appears ready to challenge the 50 cents resistance next, which posed some difficulties in the past. However, as long as the overall market remains bullish, this cryptocurrency can enter a sustained recovery.
Looking ahead, Cardano’s downtrend is over, and for the first time since March, buyers are dominating again. Hopefully, this will last for a good while, so the price can return to the levels from early this year.
Solana (SOL)
Solana also had a great week after closing with a 20% price increase. This allowed it to move above $200 for the first time since March. The price action is bullish, and higher levels will likely be in the future. The current support is at $180.
The resistance is found at $206 and may challenge buyers in the coming week. A pullback under this level should not be dismissed.
Looking ahead, Solana needs to move above $206 to maintain the bullish momentum. Any weakness there will provide sellers with an opportunity to take over.
Dogecoin (DOGE)
DOGE is the best performer this week, with a 26% rally. This meme coin is returning to the spotlight, and the price shows it, being just under the 21 cents key resistance.
With buyers jumping back to DOGE, the chart formed a clear bullish pattern that appears just to be starting. As soon as the 21 cents level falls, the price will be clearly at 31 cents, which will be the next key resistance.
Looking ahead, Dogecoin is set to perform well in the coming weeks as attention shifts back to the father of meme coins. The current all-time high is at 74 cents, which is a likely target if DOGE moves above 50 cents later on.
This article first appeared at CryptoPotato
