Crypto Price Analysis October-04: ETH, XRP, ADA, SHIB, and DOGE

Crypto Price Analysis October 04: ETH, XRP, ADA, SHIB, and DOGE

This week, we delve deeper into the price action of Ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin.

Ethereum (ETH)

ETH experienced a challenging week, closing with a 10% decline. It briefly dipped below $2,400 and is attempting to establish this level as support. A break below could open the door for a further decline.

The recent weekly candle erased the gains from September and shifted the bias to bearish. While ETH has not yet made a lower low, it is close. Critical days lie ahead, potentially decisive for the month's trajectory.

Looking ahead, a continued downtrend could push ETH towards $2,200. Conversely, a resurgence of buying pressure could drive the price back up to $2,500.

Ripple (XRP)

XRP followed a similar pattern to ETH, closing the week with an 11% loss. It erased its September gains and now trades below 54 cents, a previous support level that has become resistance.

If buyers fail to reverse the price action, XRP could fall further to its next major support at 48 cents. At the time of writing, the momentum remains bearish.

Forecasts predict a continuation of XRP's downtrend, with potential respite only at 48 cents. Sellers have pushed this cryptocurrency back within its July range after the rejection at 66 cents.

Cardano (ADA)

ADA made an attempt to break above 40 cents, but sellers countered, reversing the price action. As a result, ADA ended the week with a 12.5% loss, returning to its starting point from early September.

Despite finding support around 33 cents yesterday, a relief rally could emerge over the weekend. However, optimism remains cautious after such a negative week.

Moving forward, Cardano will require more time to break out of the 32-40 cents range, which has restricted its price since August.

Shiba Inu (SHIB)

Market volatility pushed SHIB into a deep correction, resulting in a 12% weekly loss. However, the price has not made a lower low, offering hope that the correction may be nearing an end, allowing for a return to an uptrend.

After its strong September rally, the price was rejected at the $0.000020 resistance and retreated to $0.000015, where buyers showed renewed interest. The coming days will reveal whether the current bounce is temporary or the start of a new attempt to break the key resistance.

Despite the recent volatility, SHIB has shown resilience. As long as the price does not make a lower low, market participants can remain optimistic.

Dogecoin (DOGE)

DOGE mirrored the price action of SHIB, suffering a 12% loss this past week. After a strong September rally, the price reversed drastically in the first days of October. At the time of writing, the cryptocurrency is hovering around 10 cents and appears to be holding steady.

Despite the recent decline, DOGE remains in an uptrend, potentially poised to recover in the coming days as long as support at 10 cents holds. This could give buyers another opportunity to challenge the 14 cents resistance, which has previously stalled rallies.

Looking ahead, meme coins like DOGE may be better positioned to recover quickly once market sentiment improves. However, this is contingent upon BTC and ETH not making new lows in the near future.