Ethereum showed a promising recovery this week, with a 12% price increase. The market rally allowed ETH to establish $3,300 as a key support level, setting a new base for further growth. The next target for buyers is $4,000, which also serves as a key resistance level. Optimism is returning to the market, with potential for higher price levels in the coming weeks if bulls maintain their momentum. The last test of the $4,000 level in May resulted in rejection by sellers, so breaking through this barrier will be crucial for Ethereum’s uptrend.
Ripple outperformed the market with a 22% price rally, reaching nearly 64 cents, a level not seen since April. Buyers are working to secure the 54 cents support level after a pullback from the recent surge. If this support holds, XRP could target the 68 cents resistance next. With XRP back in the spotlight, maintaining key support levels will be vital for sustaining the bullish momentum.
Cardano saw a 7% increase, but was halted by the key resistance at 46 cents. Failure to break above this level could lead to a prolonged pullback for ADA. However, buyers are defending the price at 40 cents, providing crucial support. Breaking through the 46 cents resistance will be essential for Cardano to uphold its bullish momentum in the coming weeks.
Despite facing challenges, Shiba Inu managed a 9% price increase, closing the week on a positive note. The news of the WazirX exchange hack caused a temporary setback, but buyers are working to push the price back up from the $0.000018 level. As long as SHIB avoids making a lower low, the local trend remains bullish, offering potential for an uptrend if buyers regain control.
Toncoin’s price remained flat while the rest of the market saw significant gains. This stagnation can be attributed to the fact that TON had already rallied while others were in correction. The current resistance is at $8.3, with support at $6.8. While TON is holding above key support levels, buyers seem hesitant to make a decisive move towards breaking resistance. The consolidation phase may continue until buyers feel confident enough to drive the price higher.
The cryptocurrency market has seen a mix of performances this week, with Ethereum, Ripple, Cardano, Shiba Inu, and Toncoin each facing unique challenges and opportunities. As buyers and sellers navigate key support and resistance levels, maintaining bullish momentum will be crucial for sustaining positive price trends in the volatile crypto market.