November 5th technical analysis in the evening: ETH, ADA, DOT, SOL, SHIB

Today Bitcoin Magazine will analyze the price development of Ethereum, Cardano, Polkadot, Solana and Shiba Inu to see how they will perform in the short term.

ether

Ethereum hit a new all-time high this week at $ 4,670, and continued to perform well as the price rose 5.3%.

ETH is currently in an uptrend with the first major resistance at USD 5,075. The $ 4,500 level has proven to be good support for the past three days. However, there are some early signs that the bulls are weak at higher levels as the MACD and RSI histogram hit lower highs on the daily timeframe as price pushed higher. This is a bearish divergence, but it’s too early to confirm.

This will be confirmed if ETH breaks below the support line formed from the end of September, and given the current momentum, this could take place next week as ETH encounters psychological resistance at USD 5,000.

Ethereum got off to a great start into November and price action could continue to gain momentum.

Cardano

This week the bulls tried unsuccessfully to push ADA above the descending triangle. It moved down from the resistance at $ 2.1 and is currently moving back towards the critical support at $ 1.92.

For the next few days, it looks like ADA will continue to move between these two key levels before taking a decisive step. As a result, ADA performance was very weak this week, the price almost unchanged from our previous analysis.

Technical indicators also give neutral signals in most time frames. This is not an ideal environment for traders as profits are made in trending markets. Therefore, traders should wait a crucial step before entering a new position.

Speckle

DOT had a great week with a 24.8% gain. This happened after it broke out over an ascending triangle (in blue). DOT quickly broke previous resistance at $ 48 and continued to rise to hit resistance at $ 53.

Technical indicators are bullish. This suggests that the DOT could move further up before a significant correction occurs. At the time of writing, DOT needs to break the USD 53 resistance for the uptrend to resume. A shallow pullback just below this level is also possible before the bulls have enough force to push the price back up.

Looking to the future, DOT is one of the strongest altcoins out there, with solid fundamentals that can push the price to a much higher level. If the DOT manages to break the current resistance, the next key level will be found at $ 71.

Solana

Solana exploded this week, hitting a new all-time high of $ 250, a welcome number after a great week of SOL gaining 23.2%. This puts SOL in 4th place in the ranking of market capitalization.

Solana has support at $ 236, and below that, the all-time high is $ 213. If price bounces off either of these levels, the bulls will try to push SOL to the next target of $ 269.

It is expected that Solana will continue to rise in the near future. This is an exciting race and it forces every blockchain to constantly innovate in order to stay on top. This benefits the users.

Shiba Inu

The excitement of SHIB has cooled this week. It is down more than 50% from a new all-time high of $ 0.00008854. This signals that Shiba has reached a local peak and it will be some time before it can recover.

The cryptocurrency also broke below the descending triangle (in blue) and subsequently confirmed it as resistance.

Shiba is currently rebounding from the $ 0.000047 support, but lower lows are still to be expected if this is a dead stone’s throw. The strongest support is found at $ 0.000030 as the other levels have almost no price history to rely on.

You can see the coin prices Here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Cryptopotato

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