ETH, XRP, ADA, SHIB and DOGE

This week, we examine Ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin in more detail.

Ethereum (ETH)

Ethereum had a rough week and closed with a 10% loss. The price briefly dipped below $2,400 and is currently trying to reconfirm this level as support. If it fails, sellers may have an opening to push it lower.

This last weekly candle erased all of September’s gains and turned the bias to the downside. So far, ETH has not made a lower low, but it is very close to one. Critical days are expected, which can be decisive for the rest of the month.

Looking ahead, if this cryptocurrency continues to show weakness, its price may drop to $2,200. On the other hand, if buyers return, the price may return to $2,500.

Chart for TradingView Ripple (XRP)

XRP mirrored Ethereum’s price action and closed the week with an 11% loss. In the process, it also erased all of its progress from September and is now below the previously supportive 54 cents. This level is now resistance.

If buyers do not reverse this price action in the coming days, XRP could drop much further, with the next major support at 48 cents. At the time of this post, the momentum is bearish.

Looking ahead, XRP’s downtrend may continue and will only find relief at the 48 cent support. With the rejection of 66 cents, sellers have returned this cryptocurrency to its same range since July.

Chart for TradingView Cardano (ADA)

ADA made a good attempt to break above 40 cents, but the sellers had other plans in mind and managed to reverse this price action completely. That is why ADA closed the week with a loss of 12.5% ​​and returns to its initial position since the beginning of September.

Yesterday, the price found good support around 33 cents, and a rally could follow over the weekend. However, it’s hard to be optimistic after a week like this.

Looking ahead, Cardano will need more time before it can break out of the 32-40 cent range, which has held its price hostage since August.

Chart for TradingView Shiba Inu (SHIB)

The recent market turmoil pushed SHIB into a deep correction, causing it to close last week with a 12% loss. However, the price did not make a lower low, which gives hope that this correction could end soon so that we can return to an uptrend.

After its strong rally in late September, the price was rejected at the $0.000020 resistance and has fallen to $0.000015, where buyers showed renewed interest. In the coming days, we will know whether the current bounce is a temporary relief or the start of a new attempt to break the key resistance.

Looking ahead, SHIB shows resilience despite volatility. As long as the price does not fall, market participants have reason to remain optimistic.

Chart for TradingView Dogecoin (DOGE)

DOGE also suffered and reflected SHIB’s price action with a 12% loss last week. After a strong rally at the end of September, the price made a complete reversal in the first days of October. At the time of this post, the cryptocurrency is at 10 cents and seems to be holding up well.

Despite the recent price drop, DOGE remains in an uptrend and could recover in the coming days as long as the support at 10 cents is not lost. This may allow buyers to retest the 14 cents resistance, which has so far managed to stop any major rally.

Looking ahead, meme coins like DOGE seem better positioned to recover faster once market optimism returns. This is conditional on BTC and ETH not making new lows in the coming days.

TradingView Chart SPECIAL OFFER (Sponsored) Binance Free $600 (Excludes CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!

Disclaimer: The information found on CryptoPotato is that of the quoted writers. It does not represent CryptoPotato’s views on whether to buy, sell or hold any investment. You are advised to do your own research before making any investment decisions. Use the information provided at your own risk. See the disclaimer for more information.

TradingView Cryptocurrency Charts.