This week, we take a closer look at Ethereum, Ripple, Cardano, Optimism, and Pepe.
Ethereum (ETH)
The market leaders turned flat this past week, and ETH booked a modest 2.6% price increase. The volatility has remained low, and the price continues to sit below the key resistance at $1,820.
The PA and momentum indicators show indecision from market participants. With decreasing volume, both bulls and bears seem absent from the market. There is no conviction on either side, and the price failed to move in a decisive manner. The current support is $1,660.
Looking ahead, it seems that this consolidation under the key resistance could continue. It seems unlikely that sellers will attempt to test the key support level since the market is waiting for a trigger to bring back volatility.
Ripple (XRP)
XRP rallied by 8.5% in the past week, and the price has now arrived at the 47 cents resistance. This impressive rally is atypical, considering that ETH and BTC failed to rally this week.
Thanks to this renewed interest from buyers, the momentum indicators for this cryptocurrency have turned bullish. With decent volume on the way up and five consecutive daily candles closing in green, bulls dominate at this time.
Looking ahead, sellers may make a stand at the key resistance and stop this uptrend, at least for a while. If a pullback happens, then XRP has good support at 44 cents which could be tested before the next leg up.
Cardano (ADA)
This past week, ADA failed to break above the key resistance at 38 cents but still managed to book a modest 2.8% price increase. At the time of this post, the price appears to be compressing between 36 and 38 cents, and a decisive move could happen soon.
The most significant level of support is found at 34 cents. It is unlikely for this level to be tested, considering that buyers appeared eager to buy this cryptocurrency whenever it had a pullback. Despite this, bulls were unable to break the key resistance to date.
Looking ahead, Cardano could be positioning for a major breakout similar to XRP, which could see the 38 cents resistance quickly falls but it remains to be seen if this would be the case.
Optimism (OP)
Optimism had a volatile week and managed to book a price increase of almost 10%, which took it to the key resistance at $1.8. This performance came after bulls found good support at $1.6.
Since touching the key resistance, the price has entered into a pullback. This could see OP retest the key support if buyers are not eager to return soon. Nevertheless, this price action has put a stop to a major downtrend that started in April.
Looking ahead, Optimism seems well-positioned to attempt a breakout above $1.8 and seek a higher valuation. If successful, then the next major target will be found at $2, which is also a key psychological level.
Pepe (PEPE)
After finding good support at $0.0000011, PEPE managed to rally hard in a short amount of time and booked a 24% price increase compared to last Friday. However, the price is now correcting, and buyers are showing a lack of interest.
The momentum on the 4-hour timeframe appears bearish at the time of this post, with the MACD having completed a bearish cross. This indicates that the price may continue to fall in the short term until buyers return.
Looking ahead, PEPE continues to draw a lot of volatility not seen in many altcoins. This attracts traders that are likely to become active whenever the price reaches a critical level, like the key support. The current resistance is at $0.0000018.
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Cryptocurrency charts by TradingView.
