Ethereum had an impressive week, closing with a 12% price increase. The market rally allowed ETH to establish $3,300 as key support, setting a new base for buyers to aim for $4,000. This level will also serve as crucial resistance, with the last test in May resulting in rejection from sellers. Optimism is on the rise in the market, and as long as bulls maintain the momentum, higher price levels are likely in the coming weeks.
XRP outperformed most of the market, rallying by 22% and reaching nearly 64 cents, a level last seen in April. Buyers are currently working to secure the 54 cents level as key support, following a pullback from the explosive rally. If this support is maintained, the next target would be challenging the resistance at 68 cents. XRP is back in the spotlight with renewed optimism for further gains.
Cardano also had a strong week, with a 7% increase. However, the key resistance at 46 cents prevented the price from moving higher, potentially leading to a longer pullback if the resistance holds. Buyers are currently defending the support at 40 cents, signaling a bullish momentum shift. To maintain this momentum, Cardano needs to break above 46 cents.
Despite a bumpy week, Shiba Inu managed a 9% price increase. The news of the WazirX Indian exchange hack caused a deeper pullback, with hackers stealing 5.4 Trillion SHIB tokens. The price is currently battling at the $0.000018 level, and a return to an uptrend is possible if buyers regain control. The bullish trend remains intact as long as SHIB avoids making a lower low.
TON’s price action remained flat compared to significant gains in the market. This can be attributed to TON already rallying during a market correction. The current all-time high and resistance are at $8.3, with support at $6.8. While TON is holding above key support, buyers seem hesitant to make a move. The consolidation phase may last longer before a breakout above the resistance occurs.
Overall, the cryptocurrency market has seen a mix of performances this week, with some coins experiencing significant gains while others face key resistance levels. Continued bullish momentum and optimism could push prices higher in the near future, but breaking through crucial resistance points remains a challenge for some cryptocurrencies. Investors and traders alike will need to closely monitor market movements and key levels to make informed decisions in the volatile crypto space.
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