This week, we examine Ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin in greater detail.
Ethereum (ETH)
Ethereum had a difficult week and closed with a 10% loss. The price briefly fell under $2,400 and is currently trying to reconfirm this level as support. If it fails, then sellers may have an opening to push it lower.
This past weekly candle erased all the gains from September and turned the bias bearish. So far, ETH has not made a lower low, but it is very close to one. Critical days await, which may be decisive for the rest of the month.
Looking ahead, if this cryptocurrency continues to show weakness, its price may fall to $2,200. On the other hand, if buyers return, the price can work its way back to $2,500.
Ripple (XRP)
XRP mirrored Ethereum’s price action and closed the week with an 11% loss. In the process, it also erased all its progress from September and is now found under 54 cents, which used to act as support. This level is now resistance.
If buyers do not reverse this price action in the next few days, XRP could fall much lower, with the next major support at 48 cents. At the time of this post, momentum is bearish.
Looking ahead, XRP’s downtrend may continue and only find relief at the 48 cents support. With the rejection at 66 cents, sellers have pushed this cryptocurrency back in its same range since July.
Cardano (ADA)
ADA made a good attempt at breaking above 40 cents, but sellers had other plans in mind and managed to reverse this price action in full. This is why ADA closed the week with a 12.5% loss and is back at its starting position from early September.
Yesterday, the price found some good support around 33 cents, and a relief rally could follow over the weekend. Nevertheless, it is hard to be optimistic after such a week.
Looking ahead, Cardano will now require more time before it can escape the range between 32 and 40 cents, which has kept its price hostage since August.
Shiba Inu (SHIB)
The recent market turmoil pushed SHIB into a deep correction, which caused it to close the past week with a 12% loss. Even so, the price did not make a lower low, which gives hope that this correction could soon end so that it can return to an uptrend.
After its strong rally at the end of September, the price was rejected at the $0.000020 resistance and has fallen to $0.000015, where buyers showed renewed interest. In the next few days, we will know if the current bounce is a temporary relief or the start of a new attempt to break the key resistance.
Looking ahead, SHIB shows resilience despite the volatility. As long as the price does not make a lower low, market participants have reasons to remain optimistic.
Dogecoin (DOGE)
DOGE also suffered and mirrored the price action of SHIB with a 12% loss this past week. After a strong rally at the end of September, the price made a full reversal in the first few days of October. At the time of this post, the cryptocurrency is at 10 cents and appears to be holding well.
Despite the recent price drop, DOGE remains in an uptrend and could recover in the coming days as long as the support at 10 cents is not lost. This may allow buyers to have another go at the 14 cents resistance, which, so far, has managed to stop any major rally.
Looking ahead, meme coins such as DOGE appear better placed to recover faster once market optimism returns. This is contingent on BTC and ETH not making new lows in the coming days.
