This week, we take a closer look at Ethereum, Ripple, Cardano, Tron, and Litecoin.
Ethereum’s volatility increased last week, but it failed to break above the key resistance of $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 to break away. Buyers briefly pushed price above the key level on Tuesday, but sellers quickly reversed price action below $1,820.
Looking ahead, the bulls could lead ETH to a renewed rally next week and turn the current resistance into support. If successful, this cryptocurrency will turn bullish and rally to $1,900 and $2,000 below.
XRP found strong resistance at 47 cents and was unable to continue higher. This pushed the price lower but to a level similar to last week. Despite the pullback, buyers remain interested in this cryptocurrency.
With good support at 44 cents, the bulls could attempt another breakout in the coming days, particularly if market leaders like ETH manage to move higher as well.
Looking ahead, it seems more likely that XRP will go higher soon, with the next major resistance being found at 50 cents. Despite a brief pause in the rally, momentum indicators also remain bullish.
Cardano is the exact opposite compared to XRP. The price is in a downtrend and fell 3% last week. Key support is at 34 cents and the price could test this key level in the next week.
The resistance at 38 cents did not allow ADA to rise. Instead, the price fell, reaching lower highs. Today, the MACD made a bearish crossover which indicates that this downtrend will continue.
Looking to the future, Cardano is in a difficult position. Bearish momentum seems to be intensifying and a relief rally seems unlikely until price finds solid support.
While most altcoins struggle, Tron is our best performer this week after posting an impressive 9.5% price increase. This rally also took it just below the 8 cent resistance. Key support is at 7 cents.
The MACD and RSI indicators signal a bullish bias that favors the continuation of this price action. Tron also closed five days in the green last week, showing that the buyers have the upper hand.
Looking ahead, TRX is well positioned to continue its recovery. However, the sellers could go back to the 8 cent resistance and not allow the price to rise during its first breakout attempt.
Litecoin is struggling to find its footing after failing to break higher for several months. Every time the price went above $100, sellers rushed to stop it. Furthermore, 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 seem to be able to develop a clear trend. This long period of consolidation started in early 2023 and may still continue for some time. Until the price turns the $100 level into support, LTC is unlikely to move higher.
Looking ahead, the current support is at $80 and the sellers may not be satisfied until this cryptocurrency reaches this level to stop its pressure. At that point, the price could bounce to continue its consolidation.
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