Ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin Update

This week, we take a closer look at Ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin.

Ethereum (ETH)

Ethereum wrapped up another successful week with a 4% increase in price. Buyers are still showing interest, successfully rallying the price beyond $2,600. The immediate target is set at $2,800, which will also present significant resistance.

The momentum shifted towards bullish in September, and the price broke free from the downtrend that began in March. This resurgence has restored confidence in the market, and ETH stands to gain from this trend.

As we look forward, the price is strongly positioned to challenge the current resistance soon. However, if sellers reappear, ETH has solid support at $2,400.

Ripple (XRP)

XRP remains stagnant, with its price unchanged from last week. This is somewhat unusual, especially in contrast to the rest of the market, where Bitcoin and most altcoins, particularly memecoins, are reaching new highs.

The price is currently just below 60 cents, and buyers have been unable to surpass this threshold throughout September. If the bulls succeed in breaking this barrier, momentum could return to this cryptocurrency.

Looking forward, XRP’s trading volume has been dwindling and the coin has faced challenges in generating significant performance recently. Until momentum and volatility return, it’s improbable that we will see any substantial price movements.

Cardano (ADA)

ADA had a remarkable week, closing with a 12% climb. This bullish run follows a breakthrough above 36 cents, a barrier that had restrained the price for much of the month.

At the time of writing, bulls are striving to establish the 40 cents level as a crucial support. If successful this weekend, Cardano could be poised to ascend to the next significant target of 48 cents.

Looking ahead, the momentum suggests that this positive price action may continue, potentially ushering ADA closer to 50 cents, a price point lost back in May.

Shiba Inu (SHIB)

Meme coins are once again taking center stage, and Shiba Inu is no exception. Its price surged this week, skyrocketing by an astonishing 34%. This resurgence has placed SHIB back in the spotlight, with buyers eager to invest.

After finding considerable support at $0.000014, buyer confidence surged, and trading volume rose to levels not seen since the lows in August. This rapid movement has propelled the price to just under the critical resistance at $0.000020.

Looking forward, SHIB has a strong potential to challenge this level next. However, once it reaches this point, sellers may return, leading to a possible retracement. The RSI on the daily chart indicates it is overbought at 81, suggesting caution is warranted.

Dogecoin (DOGE)

DOGE also had a stellar week, closing with a 16% price increase. Given that its market capitalization almost doubles that of SHIB, DOGE requires significantly more buyers and volume to match such performance.

The price action has shifted bullish, with the immediate target set at 13.5 cents. With buyers showing dominance currently, DOGE has a solid chance to reach this critical level before any major pullback occurs.

Looking ahead, it appears that meme coins are performing exceptionally well once more, potentially maintaining this trend as long as the overall market remains optimistic. If this continues, DOGE could set its sights on reaching 20 cents in the medium term, revisiting the level observed in March 2024.