Price Analysis of Cryptocurrency on May 6

This week, we carefully studied Ethereum, reborn, Cardano, Tron and Shiba Inu.

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Ethereum (ETH)

In the past week, ETH has experienced high volatility. The price rebounded to the resistance level of $3000, but it was sharply rejected on Thursday and returned to the key support level of $2720. Overall, ETH has lost 7.3% of its valuation over the past seven days.

Market sentiment is still bearish, ETH will face difficulties in the coming week, especially now that the price is found at the key support level, it will soon be under great pressure from sellers. If it fails, the price of eth may fall to $2500.

The outlook is pessimistic, and the indicators of daily line and above time frame are bearish. For example, the MACD moving average expands as it falls, which is a sign of increased selling momentum. On the other hand, there is still a lot of room for RSI to reach the oversold area below 30 points (currently 42 points). In this case, it’s hard to see the rise.

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Shiba Inu(Shib)

Shib encountered difficulties again this week, and the price could not stay away from the key support of US $0.000020. The longer it takes to test key support, the more likely it is to collapse. Overall, the cryptocurrency has lost nearly 14% of its valuation in the past seven days.

The prospect of Shib is bearish, and buyers must try their best to defend the key support, otherwise, the next support of Shib will be US $0.000017. The key resistance level is US $0.000028, which is far away, and the price may not revisit these levels in a short time.

Looking ahead, Shib holders need to prepare for the worst and hope for the best results. If market sentiment does not change and turns bullish again, it is difficult to see how Shib can maintain its current support.

Cardano (ADA)

If eth is volatile, Cardano has raised the problem to a new level in the past week. Between last Wednesday and Thursday, prices rose and fell by nearly 20%. Despite such fluctuations, the cryptocurrency lost only about 5% of its valuation after being rejected by the resistance level of $0.85 compared with seven days ago.

Even if ADA’s price has lost most of its increase, the index also gives some bullish signals. The daily MACD made a bullish crossover last Wednesday and has maintained it until now, even if the price returns to the key support found at $0.75.

Looking forward to the future, as long as ADA can remain above the key support level, the prospect is relatively optimistic according to the price trend and indicators. It is best to be cautious in the coming week, as market momentum may change from day to day.

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Ripple  (XRP)

Although XRP tried to break through the key resistance of $0.65, the market pushed it back into the current range, which is supported by $0.58. This latest rejection sent XRP’s price down, closing at a 7% loss over the past seven days.

Compared with eth, the index looks more promising because XRP prices seem to have bottomed out when key support was first tested on April 30, at least in the short term. Since then, the momentum has shifted and XRP may integrate within its current scope.

Looking ahead, if market sentiment improves, the cryptocurrency has a good chance to finally break through its range, as the sales pressure in early may seems to have weakened after a very difficult month in which XRP prices plunged nearly 40% in April.

Tron (TRX)

Tron has occupied a central position in the past few weeks. It announced a new stable currency usdd, which is based on Terra’s ust & Luna model. After TRX broke through the key resistance level of $0.073 (now as support), this led to a 22.2% increase in prices over the past seven days.

Tron’s new resistance level is $0.093, and the index has been bullish in the past year. MACD has passed the positive value, the buying pressure is accumulating, and the trading volume is very large.

This bullish trend is likely to continue, especially during the bear market, with high demand for stable currencies with good passive returns. Usdd is expected to achieve an annualized yield of 30%, which, if sustained, will make it one of the best in the market.