This week, we expand more on Ethereum (ETH), Ripple (XRP), Cardano (ADA), Shiba Inu Token (SHIB), and Dogecoin (DOGE).
Ethereum (ETH)
Ethereum also had a tough week and ended down by 10% with the crypto market. The price briefly dipped below $2,400 and now is in the process of testing this level for support. If this is not done then sellers can push it lower.
With the recent price action erasing all of September’s gains, the bias has turned bearish. Nonetheless, ETH has not formed a new lower low; although it is now approaching the completion of that pattern. When one looks at the daily scenario, there are critical days that can influence the rest of the month.
Moving forward, if the weakness continues, ETH could revisit levels of $2,200 in the future. But if buyers return, then the price might rise to the range of $2,500.
Ripple (XRP)
XRP’s performance mimicked Ethereum, ending the week -11%. This erased all of its September gains and now stands below 54 cents, which used to be a support area and is now a resistance level.
This bearish trend is very likely to continue going by the current trend, and should buyers fail to reverse this trend soon, we could see XRP dip further to the next support level of 48 cents. In particular, momentum is still bearish at the time of this writing.
In the near future, the analysis suggests that the digital currency will still trade lower until it reaches 48 cents. The price has been rejected at 66 cents and forced back into the range seen in July.
Cardano (ADA)
For one, Cardano was trying to push above 40 cents, but the sellers pushed back, making Cardano’s weekly return 12.5% negative. The price is now $17.38 per share, which was the price in early September.
Cardano managed to garner some buying price around 33 cents, and a bounce back up could be witnessed during the weekend. But as evidenced by the week’s events, there is very little optimism on the prospects.
In future trading, there might be more time for ADA to be liberated from the range of 32-40 cents, which has been its trading range since August.
Shiba Inu (SHIB)
Other DG-generated social tokens like SHIB were also not spared and closed the week with a loss of about 12%. However, it did not form a lower low, which means it was possible that the correction could soon finish and the token continues with an uptrend.
After a VIX spike on September 30, SHIB was rejected at $0.000020, then dropped to $0.000015 where buyers emerged.
In the future, SHIB is stable even when the price fluctuates. So long as the price remains stable without producing a new lower low, the mentality of the players in the market may remain optimistic.
Dogecoin (DOGE)
Just like SHIB, DOGE copied the performance and lost 12% of its value in this past week. As we saw above, DOGE had rallied to early October from late September and flipped to cut through the 10-cent mark, and it appears to hold very well at this point.
Although it has declined, DOGE still continues to be in an up-channel. For as long as the 10-cent support holds, buyers are likely to try and break towards the 14 cents, which continue to contain any rally.
In the future, meme coins such as DOGE may revert to the upside soon whenever market positivity comes back again, as long as BTC and ETH do not touch their lows.
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