Ethereum (ETH)
Ethereum had a solid week, closing with a 4% price increase as buyers remained active in the market. The price managed to surpass the $2,600 mark, with the next target set at $2,800, a key resistance level to watch. Momentum has been gradually turning bullish throughout September, breaking free from the downtrend that started earlier in the year. This positive shift has brought renewed optimism to the market, benefiting Ethereum as well. Moving forward, Ethereum is positioned well to challenge the current resistance level, with strong support at $2,400 in case of a pullback.
Ripple (XRP)
XRP’s price remained stagnant, failing to show any significant movement compared to the previous week. This lack of action is notable amidst a market where Bitcoin and most altcoins, particularly meme coins, are experiencing upward momentum. Currently trading just below 60 cents, XRP has struggled to break through this level in September. The cryptocurrency’s volume has been declining, hindering its performance. Until there is a resurgence in momentum and volatility, major price movements for XRP seem unlikely.
Cardano (ADA)
Cardano enjoyed a strong week, closing with a 12% price increase. Buyers successfully broke above the 36 cents mark, which had been a significant resistance level throughout the month. Currently, bulls are working to establish 40 cents as a key support level, with the potential for further upside towards the next target at 48 cents. Momentum favors a continuation of this positive price action, bringing Cardano closer to the 50 cents mark, a level last seen in May.
Shiba Inu (SHIB)
Shiba Inu, a meme coin, experienced a remarkable surge in price, soaring by 34% during the week. The cryptocurrency found strong support at $0.000014, leading to increased confidence among buyers and a surge in volume. This pushed the price closer to the key resistance level at $0.000020. While SHIB has a good chance of testing this level next, caution is advised as the RSI on the daily timeframe indicates an overbought condition at 81 points.
Dogecoin (DOGE)
DOGE also saw a positive week, with a 16% price increase. Despite DOGE’s larger market capitalization compared to SHIB, it still requires more buyers and volume to achieve similar gains. The bullish price action has set a target at 13.5 cents, with potential for further upside. Meme coins, including DOGE, are performing well again, driven by overall market optimism. If this trend continues, DOGE could aim for 20 cents in the medium term, revisiting levels last seen in March 2024.
As the cryptocurrency market continues to evolve, investors should conduct thorough research before making any investment decisions. Each of the mentioned cryptocurrencies has its own unique dynamics and factors influencing its price movements. It is essential to stay informed and monitor market trends to make well-informed decisions in this rapidly changing landscape.
