ETH, XRP, BNB, TON and SHIB

This week we take a closer look at ethereum, Ripple, Binance Coin, Toncoin, and Shiba Inu.

ethereum (eth)

While ethereum had a volatile week, its price held up well and closed it with a 1% gain. Buyers defended the cryptocurrency at the $2,400 support level, which continues to hold as of press time.

It is critical that eth does not lose its support because otherwise sellers will quickly take over the price action and target $2,000 next. Such a move would also push most altcoins into the red.

Looking ahead, the market still shows indecision and hesitation. That's why it's now moving to the side. ethereum price action also reflects this sentiment. Ideally, eth will peak above $2,800 in the coming weeks for buyers to regain full control.

Ripple (XRP)

XRP closed a week with very low volatility, but still managed to record a 2% price increase. However, buyers were unable to break the key resistance at $0.54 and turn it into support.

On the other hand, sellers were also unable to bring the price below 50 cents, which has left the chart at a standstill since the end of September. This is why momentum has been stable and there has been hardly any volatility.

Looking ahead, eventually this balance between market forces will be broken and XRP will take a major step forward. It is difficult to predict when this will happen, but a key indicator will be the $0.54 level. If it breaks above it, the bulls will take control, it will fall further below and the bears will be in control.

Interestingly, Binance Coin has maintained a flat trend since July, which somewhat mirrors bitcoin. The price also stopped reaching its lowest levels since August. This is atypical if we compare BNB to other altcoins that suffered much more in this period.

This also explains why BNB closed the week with a 2% price increase and appears poised for higher highs. Buyers also seem interested whenever the price drops below $550, which has so far managed to stop any strong selling pressure.

Looking ahead, this cryptocurrency may try to break above $600 again. If it manages to turn that level into key support, then BNB has a good chance of challenging the current all-time high of $720 next.

Toncoin (TON)

Since June, Toncoin has been in a downward trend. Most recently, the price was rejected by the $5.9 resistance, which is why the cryptocurrency closed the week with a 3% loss. At the time of writing, TON is at the key support of $5.2 and showing signs of a possible reversal.

Ideally, the price action will reach a higher low at $5.2 and aim to break key resistance to reach a higher high. This is the bullish scenario. A drop below $5.2 would put bears back in control and would likely re-hit the September lows when TON fell to $4.5.

Looking ahead, Toncoin has a real chance to stop the June downtrend and recoup some of the recent losses. Keep an eye on the support at $5.2, which will be decisive for the next fate of this cryptocurrency.

Shiba Inu (SHIB)

After some hesitation, SHIB managed to close the week in the green with a 1% price increase. This comes as the price has been consolidating around $0.000016 and follows a sharp pullback from the key resistance at $0.000020.

If buyers manage to hold the price at this level, they will be able to attempt a fresh rally next week to challenge the resistance again. Key support lies at $0.000014 and has not been tested so far. This shows that buyers are interested in this meme coin and is a sign of strength.

Looking ahead, Shiba Inu is well positioned to benefit from current narratives in the crypto space, where meme coins have been the main focus lately.

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