This week we take a closer look at ethereum, Ripple, Solana, Dogecoin, and Binance Coin.
ethereum (eth)
ethereum closed the week in the red and its price fell 6%. This comes after buyers failed to break above $2,800 on Monday. Since then, sellers took the lead and dominated.
The current downtrend is quite pronounced and the price may revisit the $2,400 support. This is where buyers managed to reverse price action in the past. Until then, momentum remains bearish, at least on shorter time frames.
Looking ahead, ethereum appears to be the biggest laggard compared to other market leaders. Both bitcoin and Solana, for example, have fared much better this week, with SOL in particular recording an 11% price increase. This raises the question of why eth continues to underperform.
Ripple (XRP)
XRP was unable to stay above 54 cents and the price fell, closing the week with a 5% loss. If buyers do not appear soon, this cryptocurrency may reach the next key support level of 48 cents. The previous level of 54 cents now acts as resistance.
The biggest problem for XRP is the lack of volume, which has been declining since its local high in March 2024. This weakened any breakout attempts. Sellers were also quick to take advantage of this weakness and take over the price action whenever buyers pushed XRP above 60 cents.
Looking ahead, the bias is somewhat bearish after this recent collapse. If buyers manage to stop this downtrend at 48 cents, then XRP could return to an uptrend to face the resistance at 54 cents.
- Solana (SUN)
Solana had a fantastic week and closed with a price increase of 11%. This is in stark contrast to eth or XRP, which struggled. The price also surpassed $164, placing it in an uptrend with clear bullish momentum that may intensify based on its increasing volume.
As the price rises, attention to Solana only increases. The current target and the most important level on the chart is the $200 level, which has not been revised since March 2024. If the price manages to return there, that will be considered a sign of strength and will embolden the bulls.
Looking ahead, Solana surpassed a key level by surpassing $164. As long as the price does not fall below it, buyers have the upper hand as they eye the next key target at $200.
Dogecoin (DOGE)
Despite the recent pullback, DOGE closed the week with a 2% price increase. This comes after it managed to break above 14 cents. This level is currently being contested as key support and if it holds, this meme coin will maintain its bullish momentum.
If the 14 cents level holds, then the way is open for DOGE to continue rising towards 18 cents first and then to the key resistance at 20 cents, which will likely put up a fight as sellers returned there last time. They visited in March.
Looking ahead, Dogecoin turned bullish after it managed to break out of its downtrend that started in April. With clear higher lows and higher highs, this meme coin is well positioned to continue rising and challenge key resistance levels ahead.
Binance Coin (BNB)
BNB is still looking for a clear trend as the price action has varied over the past few months without a significant breakout. The price closed the week with a 2% loss, but managed to hold near $600, which is a key resistance level.
Without clear momentum, Binance Coin is showing indecision and has failed to reach new highs since its June ATH. To resume its uptrend, the price has to break above $600 and stay above it. So far, the sellers have not allowed him to do so.
Looking ahead, the price is still struggling to find its direction. Until a clear trend forms, don't expect any major moves from this cryptocurrency. However, this also offers a good opportunity to accumulate BNB if you are optimistic about it later.
The post Cryptocurrency Price Analysis for October 25: eth, XRP, SOL, DOGE and BNB appeared first on CryptoPotato.
