Crypto Price Analysis May-31: ETH, XRP, ADA, SHIB, and DOT
This week, we take a closer look at Ethereum, Ripple, Cardano, Shiba Inu, and Polkadot.
Ethereum (ETH)
This week, Ethereum has moved sideways with a modest 1.5% price increase. Bulls tried to take ETH above $3,900, but they were stopped despite the few attempts. It appears that the resistance at $4,000 will require more time to be broken.
As long as the price continues to move sideways under the key resistance, the asset has a good chance to eventually break this level and make new highs in 2024.
Looking ahead, the overall trend remains bullish, and another attempt at $4,000 could follow in June. Right now, there is good support at $3,700 and $3,500 should sellers push more.
Ripple (XRP)
XRP continues to disappoint without any major moves. The price is at a similar level to last week and is still to break the key resistance at $0.54. Until that happens, it is unlikely for market participants to return to Ripple’s native token.
Buyers tested the resistance three times since April and every attempt was rejected by sellers that came back to push the price lower. This shows buy momentum is weak.
Looking ahead, XRP needs a decisive move to bring back attention and interest, otherwise market participants will most likely chase the next meme coin that is in the spotlight.
Cardano (ADA)
Cardano closed the week with a 3% loss and continues to struggle with the resistance at $0.46. Last week, there were hopes the price could turn this level into support, but they were quickly invalidated.
If the price action remains bearish, then ADA could slowly drift toward $0.37, where the key support is found. If buyers are more active, they could aim to hold the asset above $0.4 and move sideways under the key resistance.
Looking ahead, Cardano faces issues similar to those of XRP as it lacks the strength to break higher at this time. Until momentum returns, it’s hard to see ADA return on an uptrend.
Shiba Inu (SHIB)
In contrast, SHIB’s price had a fantastic week after increasing by 8%, making it the best performer on our list. While most altcoins struggle to find their footing, meme coins like SHIB have been performing well.
The price moved above $0.000025, which has now turned into support. The initial breakout was quite strong, and since then, the price has entered a pullback. Nevertheless, as long as the asset stays above $0.000025, buyers have the upper hand.
Looking ahead, SHIB has made a higher high and appears determined to capitalize on this momentum. If successful, buyers could see this meme coin break $0.00003 in June.
Polkadot (DOT)
Polkadot tried again to break above the resistance at $7.6, but sellers rejected it. Because of this, the price closed the week in red with a 2% loss.
At the time of this post, DOT is in a local downtrend. If buyers don’t return soon, the price could re-test the key support at $6.4. Since April, buyers have always come back at the key support to stop the downtrend.
Looking ahead, Polkadot is stuck in a range and, so far, was unable to reverse and recover the losses after the April crash. The key resistance has to break to bring back momentum and higher price levels.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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