This week, we take a closer look at Ethereum, Ripple, Cardano, Shiba Inu, and Solana.
Ethereum finally had a great week after closing with a 12.3% price increase. In the process, it also managed to get back into the ascending triangle, which is a bullish signal.
If this momentum continues, then ETH has a good chance to reach the resistance at $2,100. The support is now found at $1,665.
Looking ahead, the price action has turned bullish, and buyers may continue pushing higher in the coming days. This will allow Ethereum to catch up with Bitcoin, which has been outperforming in October.
XRP performed well this week and booked a 7% price increase but was rejected by the key resistance at 57 cents.
The price is found in a pullback at the time of this post, and it is unlikely for XRP to move higher now as the bulls are taking a break after a good show this past week.
Looking ahead, once the pullback ends, XRP could attempt to break the key resistance. If that fails, then there is good support, just under 50 cents.
Cardano did very well this week, with an impressive 13.7% increase in valuation. In the process, it also broke above 28 cents and is currently challenging the resistance at 30 cents.
Sellers quickly pushed down the price once it approached 30 cents, and ADA could test the support at 28 cents before it attempts another go at the key resistance.
Looking ahead, this cryptocurrency has turned bullish and may continue to perform well in the coming weeks as long as the overall crypto market moves to higher valuations.
Shiba Inu (SHIB)
Shiba Inu’s price action mirrored the one from ADA and managed to book a 13% price increase this week. With a lot of new buying volume, this meme coin appears to have awoken.
The current resistance is found at $0.0000084, and the support at $0.000077. Buyers are taking a break right now but could resume their offensive soon.
Looking ahead, so long as SHIB holds above the key support, then higher levels are likely.
Solana had a spectacular month in October, and this week alone, it booked an impressive 23% price increase. This makes it the best performer on our list.
Right now, the price is challenging the resistance at $32, which, if broken, might open the way for SOL to move closer to $40.
Looking ahead, Solana may have some difficulties moving higher at this time as the momentum indicators, such as the RSI, are showing that SOL is in the overbought zone. This could encourage sellers to return and push the price into a pullback.