Crypto Price Analysis May-18: ETH, XRP, ADA, SHIB, and DOT
This week, we delve into the price movements of Ethereum (ETH), Ripple (XRP), Cardano (ADA), Shiba Inu (SHIB), and Polkadot (DOT).
Ethereum finally saw some action after testing the $2,800 support level and closed the week with a 7% increase. However, ETH reached a new yearly low against Bitcoin. The resistance level to watch is $3,350, and if the bullish momentum continues, we might see it tested in the coming days. Ideally, Ethereum will break higher and resume its uptrend, and this price level could mark a local bottom after a long correction since March.
Ripple, on the other hand, continued to trade within a channel and ended the week with a 4% increase. Buyers are eager to challenge the key resistance at 54 cents. A breakout above this level would indicate a potential rally in price. The daily MACD has turned bullish, signaling a possible upward movement. If XRP can secure a decisive breakout, the next target would be around 68 cents. The upcoming week presents an opportunity for XRP to regain volume and attract buyers.
ADA finally broke the resistance at 46 cents and is poised to move towards 60 cents. It recorded a 7.5% increase this week. However, the confirmation of 46 cents as support is yet to happen, and it would require continued bullish momentum to ensure ADA can sustain its upward movement. While the bias currently favors bulls, a potential pullback should not be dismissed.
Shiba Inu’s chart mirrors that of XRP, with an aim to break the resistance at $0.000025. If successful, the price could target $0.000030. The support level at $0.000020 has been holding well, and increased buy volume suggests optimism for the next leg up. Confirmation of a bullish bias will be crucial in determining SHIB’s future direction.
Polkadot remains within the $6.3 to $7.6 range, but buyers have recently gained the upper hand, signaling a bullish turn in the market. It closed the week with a 6% increase. A bullish cross on the daily MACD has translated into higher price highs. The key test lies at the resistance of $7.6, which also serves as the current target for this price action. DOT’s consolidation in this range might be nearing its end, and a breakout could potentially push the price towards double digits later this month.
Overall, Ethereum, Ripple, Cardano, Shiba Inu, and Polkadot are showing signs of potential movement in the coming days. Traders and investors should closely monitor these cryptocurrencies for further price developments.