This week, we take a closer look at Ethereum, Ripple, Cardano, Tron, and Litecoin.
Ethereum (ETH)
Ethereum’s volatility increased last week but it failed to breach the key resistance at $1,820. For this reason, the price is at a similar point to last week.
This consolidation below key resistance is unlikely to last, and the bulls seem eager for a breakaway. On Tuesday, buyers briefly took the price above the key level, but sellers quickly reversed price action below $1,820.
Looking ahead, the bulls could take ETH to a renewed rally next week and turn the current resistance into support. If successful, this cryptocurrency will turn bullish and rise to $1900 and $2000 after that.
Ripple (XRP)
XRP found strong resistance at 47 cents and was unable to continue higher. This pushed the price lower but at a similar level as last week. Despite the decline, buyers are still interested in this cryptocurrency.
With good support at 44 cents, the bulls could attempt another breakout in the coming days, especially if market leaders like ETH also succeed in moving higher.
Looking ahead, it looks likely that XRP will move higher soon, with the next major resistance at 50 cents. Despite the short break to the upside, momentum indicators are still bullish as well.
Cardano (ADA)
Cardano is the complete opposite when compared to XRP. The price was found to be in a downtrend and fell by 3% last week. The main support is located at 34 cents, and the price may test this key level in the coming week.
The resistance at 38 cents did not allow ADA to move higher. Instead, the price fell, making lower highs. Today, the MACD has made a bearish crossover which indicates that this downtrend will continue.
I look forwardCardano is found in a difficult position. The bearish momentum seems to be intensifying, and a rally seems unlikely until the price finds strong support.
Tron (TRX)
While most altcoins are struggling, Tron is our top performer this week after booking an impressive 9.5% price increase. The rally also took below the 8-cent resistance level. The main support is 7 cents.
The MACD and RSI indicators are indicating a bullish bias that favors the continuation of this price action. Tron also closed five days in the green last week, which indicates that the buyers have the upper hand.
Looking ahead, TRX is well positioned to continue its upward movement. However, sellers can come back to stand at the 8 cents resistance and not allow the price to move higher during its first breakout attempt.
Litecoin (LTC)
Litecoin is struggling to find its footing after failing to rally for several months. Every time the price moved above $100, the sellers were quick to stop it. More than that, the current resistance is at $95, and the bears rejected the price at this key level. This means that LTC closes the week with a 5% loss.
The momentum is flat, and the price does not appear to be able to develop any clear direction. This long consolidation period began in early 2023 and may continue for some time. Until the price turns the $100 level into support, LTC is unlikely to go higher.
Looking ahead, the current support is at $80, and sellers may not be satisfied until this cryptocurrency reaches this level to stop their pressure. At this point, the price could rebound to continue consolidating.
Cryptocurrency Price Analysis Published May 26: ETH, XRP, ADA, TRX, LTC Appeared First on CryptoPotato.
