ETH, XRP, ADA, SHIB and DOGE

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

Ethereum (ETH)

Ethereum closed another good week with a price increase of 4%. Buyers remain interested and managed to push the price above $2,600. The current target is $2,800, which will also act as key resistance.

Momentum slowly turned bullish in September and the price escaped the downtrend that began in March. This has brought optimism back into the market, and ETH will also benefit from it.

Looking ahead, price is well positioned to test current resistance in the near future. If, for whatever reason, the sellers come back, then ETH has good support at $2,400.

Chart for TradingView Ripple (XRP)

XRP remains flat and its price did not move at all compared to last week. This is somewhat unusual, especially when compared to the general market, where Bitcoin and most altcoins, especially meme coins, achieve higher highs.

The price is stuck at just under 60 cents and buyers couldn’t break it in September. If the bulls manage to do that, the momentum could return to this cryptocurrency.

Looking ahead, XRP volume is on the decline and has struggled to perform well lately. Until momentum and volatility return, the price is unlikely to make any major moves.

Chart for TradingView Cardano (ADA)

ADA had a great week after closing up 12%. This boost comes after buyers managed to break above 36 cents, which kept the price in check for most of this month.

At the time of this post, the bulls are trying to confirm the 40 cent level as key support. If they are successful next weekend, Cardano has a strong chance to climb to the next key target, 48 cents.

Looking ahead, momentum favors a continuation of this price action, which could quickly see the ADA move higher. That will bring it much closer to 50 cents, a price it missed in May.

Chart for TradingView Shiba Inu (SHIB)

Meme coins are back in the spotlight and Shiba Inu is no exception. Its price exploded this week, rising a mind-boggling 34%. This has put SHIB back on the map and buyers are rushing to get visibility.

After the price found good support at $0.000014, buyers became confident and volume shot up to levels not seen since the bottom in August. This has quickly brought the price down to just below the key resistance at $0.000020.

Going forward, SHIB has a good chance of testing this level next. Once there, sellers can come back and take the price in a pullback. The RSI in the daily period is overbought at 81 points. It is best to be cautious.

Chart for TradingView Dogecoin (DOGE)

DOGE also had an excellent week after closing with a 16% price increase. Given that its market capitalization is almost twice that of SHIB, DOGE needs many more buyers and more volume to achieve a similar performance.

Price action has turned bullish and the current target is 13.5 cents. With buyers dominating right now, DOGE has a good chance to reach this key level before any major pullback.

Looking ahead, meme coins seem to be performing well again, and this could last as long as the overall market remains bullish. If so, DOGE could aim to reach 20 cents in the medium term and review this level from March 2024.

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