According to CryptoPotato, Ethereum, Ripple, Cardano, Shiba Inu, and Polkadot are the focus of this week's cryptocurrency analysis. Ethereum (ETH) continues to maintain above $3,000, closing the week with a 2% price increase. This has sparked optimism that the correction may be nearing its end. The current resistance is at $3,400, last tested at the end of April. If the price remains above the key support, another breakout attempt seems likely. The bias is neutral at present but could turn bullish if the cryptocurrency moves above $3,400.
Ripple (XRP) experienced another week of flat price action, similar to the previous week. The current resistance is at 54 cents, which buyers have been unable to break despite recent attempts. The indicators have been flat since the mid-April crash, and volume has been decreasing. Until volume returns, this price action is unlikely to change significantly. XRP’s price may continue to move under the key resistance at 54 cents. If selling intensifies, this cryptocurrency has good support at 50 cents.
Cardano (ADA) seems to have found support at 45 cents after a difficult start in May and is eager to move higher again. It also closed the week with a 3% price increase. If bulls manage to hold the price above 45 cents, ADA has a good chance to recover some of the losses from April. The momentum indicators suggest that buyers could be returning. To confirm this, the price has to make a new local high and return above 50 cents.
Shiba Inu (SHIB) managed to close the week with a 3% price increase, similar to ADA. The current resistance is at $0.000025, posing a significant challenge for bulls. The support is at $0.000022, which has held well so far. To confirm a reversal, this meme coin has to make a higher high. If buyers manage to break the key resistance, SHIB has a chance to resume its uptrend.
Polkadot (DOT) has been holding well above $6 and appears keen to break the current resistance at $7.6. Its price is at a similar level compared to last week. This consolidation could turn out to be bullish if DOT manages to break higher. The bias remains neutral on this price action, but the momentum indicators are curving up, which gives hope for a possible rally in the future. DOT has been consolidating above the key support and appears ready for its next major move.
