Crypto Price Analysis May-5: ETH, XRP, ADA, PEPE, TRX

Crypto Price Analysis May-5: ETH, XRP, ADA, PEPE, TRX

This week we take a closer look at Ethereum, RippleCardano, Pepe and Tron.

Ethereum (ETH)

This week, Ethereum retested the support at $1,800. Buyers showed strength and did not allow the price to fall lower, which is why ETH is found at a similar level to last week due to low volatility.

The current target for this cryptocurrency is $2,000, which is also an important psychological level. In April, ETH managed to break above but quickly lost ground as sellers took over the price action. Another break above $2,000 would be quite bullish, but momentum is currently lacking.

Looking ahead, Ethereum has found a good foundation to gather strength in the coming week. As buyers return to the market, a retest of key resistance appears imminent.

Chart from TradingView

Ripple (XRP)

XRP is red and has closed the last seven days with a loss of 1.5%. Price appears to be on track to test key support at 43 cents. This would be the second time XRP has tested this support and could prove to be a bearish move if buyers do not return.

The key resistance is quite a bit off at 48 cents. The momentum indicators such as MACD and RSI are also bearish with the RSI falling below 50 points. XRP’s failure to maintain its price above 50 cents in April was a bearish signal and the market did not hesitate to react.

Looking ahead, bears appear to have the upper hand at the moment and a break of key support could see this cryptocurrency rise to 40 cents next.

Chart from TradingView

Cardano (ADA)

Cardano formed a bearish head and shoulders formation that will soon dissipate. If this is confirmed, it would mean that the price could fall lower. ADA also lost 5.4% of its valuation last week.

The key support at 38 cents is crucial for this cryptocurrency as it will determine the price movement in the coming weeks. The Bears seem to have the upper hand at the moment, but things could still go either way.

Looking ahead, expect volatility to increase as price approaches key support. If buyers fail to defend this critical level, ADA could fall towards 35 cents next. The main resistance lies at 41 cents in case buyers suddenly return.

Chart from TradingView

Pepe (PEPE)

The star of the last few weeks has been PEPE, which has seen a parabolic rally not seen since the early days of Shiba Inu and Dogecoin. In the last week alone, PEPE gained over 600%. This overwhelming performance adds to the euphoria generated by meme coins.

Despite this performance, buyers should be extremely cautious about buying late as no one knows how long this bullish momentum can last. At some point the market equilibrium will reverse and then it will rush to exit.

Looking forward, PEPE will continue to be in the spotlight in one way or another and has cast a long shadow over other meme coins such as DOGE, SHIB or FLOKI.

Chart from TradingView

Tron (TRX)

Tron surprised market participants with an excellent performance last week, posting a price increase of 6.3% while most altcoins are in the red. The current resistance is at 8 cents and the price could continue to rise until it reaches this level.

The uptrend for Tron started back in November 2022 and so far it has managed to continue its rally. The current support is at 6 cents and the momentum indicators have just turned positive. For example, the daily MACD made a bullish cross yesterday. This is significant.

Looking ahead, TRX could continue to rise in the coming days. Resistance at 8 cents appears to be the next significant hurdle.

Chart from TradingView

The post Crypto Price Analysis May-5: ETH, XRP, ADA, PEPE, TRX appeared first on CryptoPotato.

.