Ethereum saw a significant price increase of 12% after a market-wide rally. This recovery allowed ETH to establish $3,300 as a key support level, setting the stage for a potential push towards $4,000. However, resistance at this level remains strong, as seen in May when sellers rejected the price. Despite this, optimism is returning to the market, with higher price levels becoming a possibility if bulls maintain their momentum in the coming weeks.
Ripple (XRP) outperformed most of the market with a 22% price increase, reaching levels not seen since April. The current challenge for buyers is to secure the 54 cents support level after a pullback from the recent rally. If this support holds, the next target for XRP is 68 cents. The spotlight is back on XRP, and the market is closely watching to see if buyers can maintain the bullish momentum.
Cardano (ADA) also had a successful week, posting a 7% increase. However, the key resistance at 46 cents halted further upside movement. Buyers are currently defending the price at 40 cents, acting as a crucial support level. Breaking above 46 cents is necessary for ADA to sustain its bullish momentum and avoid a more prolonged pullback. The market is cautiously optimistic about Cardano’s future performance.
Shiba Inu (SHIB) faced challenges during the week, including a hack of the WazirX Indian exchange resulting in a deeper pullback. Despite this, SHIB managed to close with a 9% price increase, showing resilience. The price is currently battling at the $0.000018 level, with buyers aiming to regain control and resume an uptrend. As long as SHIB avoids making a lower low, the bullish trend remains intact, although uncertainties linger in the market.
Toncoin (TON) had a relatively flat price action compared to the market’s gains. This can be attributed to TON’s earlier rally during a market correction. The current all-time high and resistance levels are at $8.3, with support at $6.8. TON has held above the key support, but buyers are hesitant at present. The consolidation phase may continue until buyers decide to make a decisive move towards breaking the current resistance level.
The cryptocurrency market witnessed a mix of positive and challenging performances from Ethereum, Ripple, Cardano, Shiba Inu, and Toncoin during the week. Each coin faces unique opportunities and obstacles as they navigate through the evolving market conditions. Investors and traders will closely monitor these developments to make informed decisions about their cryptocurrency holdings.
