This week, we take a closer look at ethereum, Ripple, Cardano, Binance Coin, and Shiba Inu.
ethereum (eth)
With global stock markets in turmoil, volatility has also reached cryptocurrencies. ethereum failed to stop the downtrend and closes the week with a 3% loss. The price also lost its previous support at $3,300, even if buyers tried to reclaim it. It now acts as a key resistance.
Current support has moved to $2,800 and eth could test this level if the markets remain bearish. Sentiment is also low on cryptocurrencies as most coins are in the red at the time of this article.
Looking ahead, momentum remains bearish as shown by the MACD and RSI indicators. Sellers seem to be dominating at the moment and have the upper hand. Buyers are unlikely to return until key support is reached.
Ripple (XRP)
XRP’s rally ended and it closed the week with a 4% loss. It was very difficult for the bulls to sustain it considering the overall market backdrop. The price made one last attempt to move higher before being rejected at 65 cents.
The most likely scenario is that sellers will push XRP to the key support at 54 cents. There, buyers could return to stop this correction and attempt a fresh rally towards the current target and resistance at 68 cents.
XRP had an excellent month in July, but this came to an abrupt halt in early August. Looking ahead, buyers still have a good chance of taking control of the price action later this month.
Cardano (ADA)
ADA fell 6% this week after buyers disappeared. The price was unable to do anything about it and hit the key support at 37 cents. ADA briefly bounced off that level, but the trend remains bearish.
Cardano needs to do everything it can to stem the pressure from sellers at the key support. If it fails to do so, the next target of this correction lies at 31 cents. This would also lead to a lower low in 2024, which would be a sign of weakness.
Looking ahead, ADA is in a tough position and would benefit if the broader market stops the current correction. Otherwise, it is difficult to see the price reversing here.
Binance Coin (BNB)
Binance Coin is one of the few altcoins that managed to reach a new all-time high this year. This is a rather privileged position considering that most altcoins struggled to reach new highs.
The price closed the week with a 1% loss, but this is part of a normal consolidation after the strong rally in June. As long as the price remains above $500, buyers have the upper hand. Current resistance is at $700.
Looking ahead, BNB is in a strong position if the market recovers later this year. If the bulls manage to break the current resistance, the next big target will be $1,000.
Shiba Inu (SHIB)
SHIB continued to fall this week and closed with a 7% loss. The price is also inching closer to the key support at $0.000014. The last time this level was tested was in early July.
Buyers are expected to return to the key support and attempt a reversal. If so, they are targeting the key resistance at $0.000018. Until then, the momentum remains bearish.
Meme coins like SHIB had a terrible few months after the hype died down in late March. Hopefully the market will pick up by the end of this year to regain interest, even for meme coins.
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