This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Polkadot.
Ethereum (ETH)
After a week of consolidation, ETH is giving some signs of optimism. The price found good support at $1,900 which represents a higher low compared to $1,700 which was hit on May 12. Ethereum is now in a position to attempt further recovery and closed the past seven days with a 4% price increase.
At the same time, closely following the price, the RSI has made a higher low on the daily timeframe and appears ready to move higher towards 50 points. Yesterday, the volume also saw strong buying pressure which could soon flip the MACD bullish if it continues.
Taken together, these signal a potential bullish price action in the coming days. The first obstacle towards that is represented by the key resistance at $2,150. Should ETH manage to move above it, then the next target in the coming week is found at $2,500.
Ripple (XRP)
Compared to Ethereum, XRP is one step ahead after the daily MACD completed a bullish crossover today. This signals a considerable change in the trend and may, at least temporarily, lead to a relief rally. For this reason, XRP registered an 11% price increase in the past seven days.
The price action is very similar to ETH, with a higher low and bullish RSI. So long as this momentum is maintained, XRP could challenge the resistance at $0.56. For now, the price found good support just above $0.40.
Looking ahead, the cryptocurrency is suffering from a lack of volume. This could put any sustained recovery in danger and the weekends are notoriously low on volume. Nevertheless, sellers seem to have been exhausted and buyers may take over the price action going forward.
Cardano (ADA)
Cardano also made a bullish crossover on its daily MACD indicator today. The price action is relatively bullish (in the short-term) with a higher low and it may attempt another test of the key resistance at $0.60. Overall, it was a good past week for ADA with its price increasing by 13.7%.
The support is found at $0.50 and so far this level has managed to stop the price from falling lower twice in the past week. This may encourage buyers to push ADA much higher.
Looking ahead, the key support could act as a pivot point which may allow ADA to move above $0.60. If successful, then the next key resistance will be found at $0.75.
Solana (SOL)
With a 19% price increase in the past seven days, Solana has recovered very successfully from the mid-May lows and is the best performer on our list this week. SOL also appears in a similar position to Ethereum as it is closing fast towards a bullish crossover on the daily MACD.
The cryptocurrency has managed to hold well above $50 and may attempt to break the key resistance at $57 in the coming week. Buying pressure is also picking up in the past two days and if this continues, Solana could break the key resistance and rally towards the next target at $78.
Considering this price action, SOL seems well-positioned for a sustained recovery after suffering significant losses in early May. The indicators are about to turn bullish and this may be the momentum it needs to sustain a relief rally.
Polkadot (DOT)
Polkadot’s price action shows some hesitation from market participants but despite this, it still managed to register a 15% price increase in the past seven days. The key support at $8 stopped the crash in mid-May and now DOT has found support around $10.
The key resistance levels are found at $12 and $14 with momentum favoring buyers in the past two days. DOT has to do its best to not lose its support at $1. Momentum is not yet fully behind the bulls based on this price action, but it may improve in the coming week.
Looking ahead, DOT must maintain a double-digit price to shore up confidence that it can turn around the bearish trend that started in early April. Should it be successful, then the cryptocurrency might even test the $14 resistance in the next few weeks.
