While Ethereum (ETH) has retested the support at $1,800 with little price change due to low volatility, it’s finding a good foundation to gather strength for a retest of the crucial $2,000 psychological level in the coming week. Buyers have shown signs of strength, not allowing ETH to fall lower. However, momentum is currently lacking for another break above $2,000.
On the other hand, Ripple (XRP) has experienced a 1.5% loss in the past week, and its price is seemingly heading towards testing the key support at 43 cents. A bearish signal was sent in April when XRP failed to sustain its price above 50 cents, causing the market to react negatively. Bears seem to have the upper hand now, and a break of the key support could see XRP’s price slide to 40 cents next.
Cardano (ADA) has formed a bearish head and shoulders pattern, losing 5.4% of its valuation in the past week. The key support at 38 cents plays a critical role in determining its price action in the coming weeks. As volatility increases near this level, ADA may fall towards 35 cents next if buyers fail to defend the crucial support.
Pepe (PEPE), the recent star meme coin, surged by an astonishing 600% in the past week, reminiscent of the performances of Shiba Inu and Dogecoin in their early days. Despite this outstanding performance, caution is advised for those late to the party, as sustaining the bullish momentum for an extended period remains uncertain. When market equilibrium eventually reverses, it will likely become a race to the exit, with PEPE casting a long shadow on other meme coins like DOGE, SHIB, and FLOKI.
Lastly, Tron (TRX) surprised the market with a 6.3% price increase over the past week, even as most altcoins were in the red. The uptrend, which started in November 2022, has seen TRX sustain its rally with momentum indicators such as the daily MACD turning positive. TRX is poised to continue its upward trajectory, with resistance at 8 cents being the next substantial obstacle.
Though some cryptocurrencies find solid ground and others face considerable resistance, the market conditions remain fluid. Investors should conduct thorough research and exercise caution before making any investment decisions—all the while staying vigilant regarding market developments and emerging trends.
Disclaimer: The information provided in this article does not represent the opinions or advice of the writer, CryptoPotato, or any affiliated entity. Readers should conduct their own research and consider any investment decisions carefully.