ETH failed to surpass $3,200 this week and it fell back to the $3,000 support yesterday where the price is currently consolidating. Despite this recent retracement move, the top altcoin has put on a great performance this week, with its price up 16.6% over the past 7 days.
The key question now is whether ETH can sustain above $3,000. If possible, the bulls will be in a favorable position to attack the $3,200 resistance next week. However, if that fails, the price will drop to the next support at $2,800. This will cause it to lose an important psychological level ($3,000).
In the short term, the indicators are still optimistic and are laying the foundation for the positive mood in the market. Buyers must defend the $3,000 mark. Otherwise, sellers could take over next week’s price action.
Source: TradingView
XRP managed a major breakout this week, with the price moving above a key resistance at $0.7 before quickly reaching $0.9. Overall, Ripple’s coin had a great week with its price up 34%.
However, it failed to break the $0.9 level and is currently in a correction with support at $0.8. Given the mass protests that took place not so long ago, this is not surprising. If the $0.8 support fails to hold, XRP could fall back to $0.7, which is currently acting as support (which was resistance before the breakout).
XRP indicators remain bullish. The daily RSI could explain this pullback as it briefly entered overbought territory during the rally and has now fallen back below 70 points. Once this correction is over, XRP could attempt a fresh rally to test the psychologically important $1 level.
Source: TradingView
ADA also had a good week but the $1.20 resistance didn’t allow any upward movement and has been struggling ever since. However, the Cardano cryptocurrency ended the last 7 days up 9% in the green.
Considering the current correction, the price might fall back to the key support at $1.1 before a fresh rally can be expected. Even when this happens, the overall price action remains bullish. After the pullback, ADA might rise again and try to break above $1.20.
Indicators remain bullish and appear to hold unless ADA breaks below key support. This should set the stage for a nice rally next week if the rally continues. On the other hand, a drop below $1.10 could propel ADA into a downtrend.
Source: TradingView
After rallying to $120, SOL failed to move higher and has since fallen to the key $100 support. Price is unlikely to reverse now and possibly test key support. Despite the current correction, SOL still manages to close the last 7 days up 5% in the green.
Volume is now declining due to last week’s price rally, which is an early signal that SOL lacks momentum to sustain the rally. The MACD is still bullish on the daily time frame, but the histogram is showing fading momentum with lower highs.
The next week will be crucial for SOL and buyers will have to do their best to defend the $100 mark. Any mistake there only gives the seller a chance to get in under $100, which would be a significant mistake.
Source: TradingView
SHIB is the best performer on the list, up 50% in the last 7 days after a major breakout of the descending channel (blue on the chart). Now the price is consolidating above the critical support at $0.000029.
If the price continues to consolidate and support holds, SHIB could stage another rally and rally to $0.0004. Indicators remain bullish for now and the only concern is falling volume, which could cast doubt on the strength of this rally.
In summary, SHIB has ended the downtrend and started a new rally after the epic breakout. Given this recent development, it seems unlikely that SHIB will make a deeper low. Therefore, the most likely scenario now seems to be a consolidation or a continuation of the rise.
Source: TradingView
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.
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