This week, we take a closer look at Ethereum, Ripple, Cardano, Shiba Inu, and Toncoin.
Ethereum (ETH)
Ethereum had a good week after closing with a 12% price increase. This impressive recovery came after the whole market rallied, which allowed ETH to turn $3,300 into key support.
With a new base now secured, buyers can look up to their next target, which is $4,000. This level will also act as key resistance. The last time ETH’s price tested this level was in May when sellers rejected it.
Looking ahead, optimism is returning to the market. As long as bulls maintain this momentum, higher price levels become likely in the coming weeks.
Ripple (XRP)
XRP put to shame most of the market when its price rallied by 22% this week. This spectacular performance allowed the price to reach almost 64 cents, a level not seen since April.
At the time of this post, buyers are trying to secure the 54 cents level as key support since the price entered a pullback after such an explosive rally.
Looking ahead, XRP has returned to the spotlight. If buyers secure the 54 cents support, then they can aim to challenge the resistance at 68 cents next.
Cardano (ADA)
ADA also did well this week with a 7% increase. The reason the price could not go higher at this time was the key resistance at 46 cents, which stopped the rally.
If hold firm at the key resistance, then this could push ADA into a longer pullback. Even so, buyers are currently doing a good job defending the price at 40 cents, which acts as support.
Looking ahead, the momentum has shifted bullish, but Cardano needs to break above 46 cents to maintain it.
Shiba Inu (SHIB)
SHIB had a bumpy week but still managed to close with a 9% price increase. The news of the WazirX Indian exchange being hacked plunged the price into a deeper pullback, considering that the hackers stole 5.4 Trillion SHIB tokens.
The price is currently battling at the $0.000018 level, and if buyers can resume control, then they can see SHIB return on an uptrend.
The local trend remains bullish as long as this meme coin does not make a lower low. So far, it has avoided this.
Toncoin (TON)
TON’s price action was flat, while most of the market experienced significant gains. This can be partially explained by the fact that this cryptocurrency already rallied when most of the market was in a correction.
The current all-time high and resistance is found at $8.3 and the support at $6.8. TON managed to hold well above the key support, but buyers remain shy at the time of this post.
Looking ahead, this consolidation could last longer before buyers decide to take a decisive run on the current resistance.
