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Thursday, December 7, 2023

Crypto Price Analysis Oct-6: ETH, XRP, ADA, SHIB, and SOL

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This week, we take a closer look at Ethereum, Ripple, Cardano, Shiba Inu, and Solana.

Ethereum (ETH)

Ethereum’s attempt to move above $1,660 was quickly stopped by sellers and the price has returned to the key support trend line. For this reason, ETH closes the week with a 2.5% loss.

The momentum indicators remain bearish and the lack of buyers is starting to put a lot of pressure on its support at $1,550. Worst yet, ETH’s ratio vs BTC has been bearish for over a year now and this does not seem likely to end soon. This applies additional sell pressure on the price.

Looking ahead, if bulls don’t show up soon, the price could fall off this large ascending triangle which would be a bearish signal that can lead to a significant drop.

Chart by TradingView.

Ripple (XRP)

XRP had a good week, with the price attempting to reach the resistance at 57 cents. However, sellers came in early to stop this move, and now the price is found in a corrective phase. Despite this, XRP still managed to book a 2.5% price increase.

What this shows is that bulls are starting to get eager. The momentum indicators are also turning up, and the MACD on the 3-day timeframe did a bullish cross this week. This could signal the start of a possible rally.

Looking ahead, if the resistance at 57 cents breaks, then XRP could run much higher and towards 68 cents. The current support at 47 cents continues to hold well.

Chart by TradingView.

Cardano (ADA)

Cardano finally managed to move above 25 cents, and the price has been rallying ever since confirming this level as support. This allowed the price to close the week with a 5% increase.

The next resistance on the chart is found at 28 cents. If this momentum is maintained, then ADA could reach this later next week. This is a welcomed change in the price action since Cardano has been stuck in a downtrend for the past three months.

Looking ahead, ADA has a good opportunity to capitalize on these recent gains and push higher, provided that the overall market does not turn bearish.

Chart by TradingView.

Shiba Inu (SHIB)

In contrast to ADA, SHIB has failed to break away from its current range and remains in a flat trend with little volatility and volume. It also lost 2.3% of its valuation this week.

This price action is likely to continue as long market as participants don’t return to Shiba Inu. There is simply no conviction to break the current support at $0.0000070 or the resistance at $0.0000075.

Looking ahead, SHIB appears to struggle to attract any buyers at this time, and it’s unclear if this will change anytime soon.

Chart by TradingView.

Solana (SOL)

Solana decided to take a break this week and did not make a second attempt to break the resistance at $25. Nevertheless, it still managed to book a 15.6% price increase, making it the best performer on our list.

There is good support at $22, and buyers should return there if the price continues its current correction. Overall, SOL remains in a clear uptrend, and it could try to break the resistance at a later time after this pullback ends.

Looking ahead, Solana still has a good opportunity to explore higher levels later in October. The current targets on the chart are $25, $28, and $30.

Chart by TradingView.

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Cryptocurrency charts by TradingView.

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