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Crypto Price Analysis May-31: ETH, XRP, ADA, SHIB, and DOT

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

Ethereum (ETH)

This week, Ethereum has moved sideways with a modest 1.5% price increase. Bulls tried to take ETH above $3,900, but they were stopped despite the few attempts. It appears that the resistance at $4,000 will require more time to be broken.

As long as the price continues to move sideways under the key resistance, the asset has a good chance to eventually break this level and make new highs in 2024.

Looking ahead, the overall trend remains bullish, and another attempt at $4,000 could follow in June. Right now, there is good support at $3,700 and $3,500 should sellers push more.

ETHUSD_2024-05-31_15-43-58
Chart by TradingView

Ripple (XRP)

XRP continues to disappoint without any major moves. The price is at a similar level to last week and is still to break the key resistance at $0.54. Until that happens, it is unlikely for market participants to return to Ripple’s native token.

Buyers tested the resistance three times since April and every attempt was rejected by sellers that came back to push the price lower. This shows buy momentum is weak.

Looking ahead, XRP needs a decisive move to bring back attention and interest, otherwise market participants will most likely chase the next meme coin that is in the spotlight.

XRPUSDT_2024-05-31_15-44-26
Chart by TradingView

Cardano (ADA)

Cardano closed the week with a 3% loss and continues to struggle with the resistance at $0.46. Last week, there were hopes the price could turn this level into support, but they were quickly invalidated.

If the price action remains bearish, then ADA could slowly drift toward $0.37, where the key support is found. If buyers are more active, they could aim to hold the asset above $0.4 and move sideways under the key resistance.

Looking ahead, Cardano faces issues similar to those of XRP as it lacks the strength to break higher at this time. Until momentum returns, it’s hard to see ADA return on an uptrend.

ADAUSDT_2024-05-31_16-01-51
Chart by TradingView

Shiba Inu (SHIB)

In contrast, SHIB’s price had a fantastic week after increasing by 8%, making it the best performer on our list. While most altcoins struggle to find their footing, meme coins like SHIB have been performing well.

The price moved above $0.000025, which has now turned into support. The initial breakout was quite strong, and since then, the price has entered a pullback. Nevertheless, as long as the asset stays above $0.000025, buyers have the upper hand.

Looking ahead, SHIB has made a higher high and appears determined to capitalize on this momentum. If successful, buyers could see this meme coin break $0.00003 in June.

SHIBUSDT_2024-05-31_16-06-37
Chart by TradingView

Polkadot (DOT)

Polkadot tried again to break above the resistance at $7.6, but sellers rejected it. Because of this, the price closed the week in red with a 2% loss.

At the time of this post, DOT is in a local downtrend. If buyers don’t return soon, the price could re-test the key support at $6.4. Since April, buyers have always come back at the key support to stop the downtrend.

Looking ahead, Polkadot is stuck in a range and, so far, was unable to reverse and recover the losses after the April crash. The key resistance has to break to bring back momentum and higher price levels.

DOTUSDT_2024-05-31_15-45-02
Chart by TradingView
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Dogecoin Millionaire Says to Watch Pepe, Neiro Ethereum, Brett for the Next Crypto Bull Run: What About Pepe Unchained?

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Glauber Contessoto, the “Dogecoin millionaire,” is back in the news.

He recently shared on Twitter which coins he believes could be the next big winners in the upcoming bull run.

PEPE, NEIRO, and BRETT are three coins he’s got his eye on – and he believes they have serious potential to take off.

Dogecoin Millionaire’s Picks for the 2025 Bull Run

Contessoto’s tweet on Monday went viral.

With over 85,000 views, his tweet laid out what he believes will be the two biggest meme coin narratives driving the 2025 bull run.

First up, he’s betting on the rise of the “PEPEVERSE,” with PEPE on Ethereum and BRETT on Base leading the way.

Contessoto sees these coins, along with others tied to characters like Andy and Wolf, producing big wins for investors.

Next in line is the “DOGEVERSE.”

He expects a revival of old favorites like DOGE, SHIB, and FLOKI from the last cycle.

But he’s also watching for new dog coins – with NEIRO on Ethereum catching his eye as the “younger sister of Doge.”

It’s no surprise that Contessoto’s picks have stirred up plenty of excitement.

And many investors are eager to see if these picks will be the stars of the next crypto bull run.

Could We Be on the Verge of Another Bull Cycle?

Are we on the brink of another crypto bull run?

Several signs suggest it’s possible.

For starters, the Fed is expected to cut interest rates at their FOMC meeting today.

Historically, lower interest rates have been great for riskier assets like crypto as investors look for better returns.

More money flowing into the crypto market could push prices higher.

Then there is the growing role of institutional adoption.

With spot Bitcoin and Ethereum ETFs now available, big investors can get into crypto through more trusted channels.

That added legitimacy might boost demand even further if interest rates begin to come down.

Of course, the broader economic picture matters too.

For example, a “soft landing” in which inflation reaches the Fed’s target without causing a recession could create the ideal conditions for crypto to thrive.

These combined factors suggest we might be on the verge of a bullish shift – making Contessoto’s coin picks even more exciting.

Investors Also Stacking Pepe Unchained for the Next Bull Run

Contessoto’s picks are definitely worth watching – but they’re not the only contenders.

One rising star that’s been catching a lot of attention is Pepe Unchained (PEPU), which puts a new spin on the iconic Pepe meme.

Featuring a “Pepe the Frog” theme, Pepe Unchained aims to set itself apart by combining meme culture with a real-world blockchain project.

Think of it like a classic joke token, but upgraded.

It still has that “degen” vibe, yet it offers extra utility by creating its own Layer-2 blockchain, Pepe Chain.

This chain claims it would offer super-fast transactions, low fees, and easy integration with the Ethereum ecosystem.

And if that wasn’t enough, the staking rewards definitely are.

Currently, PEPU holders can stake their tokens and generate yields of 152% per year.

That’s far higher than what most staking coins offer.

No surprise, then, that Pepe Unchained’s presale has already raised over $13.5 million.

FOMO is beginning to kick in, and the hype is building.

Crypto influencers like ClayBro are even predicting that PEPU will be “ready to explode” after the Fed’s upcoming rate decision.

With a potential crypto bull run on the horizon, Pepe Unchained could be another meme coin worth watching.

The next price increase takes place in less than 24 hours, so there’s limited time to participate in the current phase.

Visit Pepe Unchained Presale

Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

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Ripple Price Analysis: XRP Bulls Eye $0.6 as Positive Sentiment Spreads

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After a solid bullish rebound, Ripple’s price surged to the $0.60 level. However, it has since entered a brief consolidation phase, which may pave the way for further upward movement toward the significant $0.64 resistance.

By Shayan

The Daily Chart

A closer look at Ripple’s daily chart reveals that following an increase in demand around the key 100-day ($0.53) and 200-day ($0.55) moving averages, buying activity intensified, leading to a sharp price surge toward the $0.60 mark.

Although Ripple’s upward momentum has temporarily paused, the price has now entered a short-term consolidation at this level. This phase is likely to be followed by a continuation of the bullish trend, with XRP targeting the critical $0.64 resistance level, a zone that has consistently challenged buyers in recent months.

Should sellers regain control of this resistance, XRP’s price could face a reversal, potentially declining back toward the $0.55 support region. On the other hand, if buyers manage to break through the $0.64 resistance, the bullish trend is expected to continue, signaling a shift in market sentiment.

xrp_price_chart_1809241
Source: TradingView

The 4-Hour Chart

On the 4-hour chart, XRP saw increased buying interest at the 0.5 Fibonacci retracement level ($0.52), which coincides with the lower boundary of a descending flag pattern. This triggered a strong bullish reversal, pushing the price toward the upper boundary of the flag at $0.62, a key resistance level in this formation.

If the cryptocurrency successfully breaks above $0.62, the bullish trend is likely to continue, with the price targeting the $0.64 threshold. However, failure to break through this resistance could lead to a bearish rejection, with the price potentially retracing back to the $0.55 static support area.

xrp_price_chart_1809242
Source: TradingView
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Bitcoin Price Analysis: The Fed Cut Rates, Now What’s Next for BTC?

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Bitcoin’s price finally looks set to break back above the $60K level after weeks of consolidation. However, there is still one more key resistance level that the price needs to overcome.

Technical Analysis

By: Edris Derakhshi (TradingRage)

The Daily Chart

On the daily timeframe, Bitcoin’s price is demonstrating a willingness to finally break above the $60K resistance level, following its rebound from $52K.

The RSI also shows values above 50, indicating that the market momentum is bullish once again. However, for the cryptocurrency to begin a new long-term rally, the price should first rise above the 200-day moving average, which is located near the $64K resistance level.

btc_price_chart_1809241
Source: TradingView

The 4-Hour Chart

The 4-hour chart clarifies the recent price action, as the market has been making higher highs and lows since bouncing from the $52K support level.

As this suggests, it is only a matter of time for the $60K resistance level to be broken to the upside, which would pave the way for BTC to rally toward the significant $64K resistance area. The RSI is also showing bullish momentum in this timeframe and has yet to reach the overbought region. Therefore, the market seems to be on the verge of an increase, at least in the short term.

btc_price_chart_1809242
Source: TradingView

On-Chain Analysis

By Edris Derakhshi (TradingRage)

Bitcoin Exchange Supply Ratio

To sell their coins in the crypto market, most people have to first deposit them into an exchange. The amount of BTC held in exchange wallets is, therefore, a proxy for market supply (at least retail), and analyzing its trends could be beneficial.

This chart presents the BTC exchange supply ratio, which measures the ratio of the BTC held in exchanges to the total supply of the coin.

As it shows, the metric has been declining rapidly since February, indicating that heavy accumulation occurred during the recent consolidation. As a result, if sufficient demand is present, the market can begin a new rally toward higher prices.

Bitcoin Exchange Supply Ratio - All Exchanges
Source: CryptoQuant
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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