ETH, XRP, ADA, BNB and SHIB
This week we take a closer look at Ethereum, ripple, Cardano, Binance Coin, and Shiba Inu.
Ethereum (ETH)
With global stock markets in turmoil, crypto has also seen volatility. Ethereum has failed to stop its downtrend and closed the week with a 3% loss. The price has lost its previous support at $3,300, even as buyers are trying to reclaim it. It is now acting as a significant resistance.
The current support has risen to $2,800 and ETH could test this level if the markets continue their bearish trend. Sentiment in cryptocurrencies is also low as most cryptocurrencies are in the red at the time of writing.
Looking ahead, momentum remains bearish as indicated by the MACD and RSI indicators. Sellers currently appear to be in control and have the advantage. Buyers are unlikely to return until key support is reached.
Chart by TradingView
Ripple (XRP)
XRP’s rally is over, closing the week down 4%. It was very difficult for the bulls to sustain this given the broader market context. The price made one last attempt to rise before being rejected at 65 cents.
The most likely scenario is that sellers lead XRP to the key support at 54 cents. There, buyers could return to stall this correction and attempt a fresh increase towards the current target and resistance at 68 cents.
XRP had an excellent month in July but that came to an abrupt halt with the start of August. Looking ahead, there is still a good chance that buyers will take control of the price action later this month
Chart by TradingView
cardano (ADA)
ADA is down 6% this week after buyers disappeared. The price has not been able to do anything about it and has reached the key support at 37 cents. ADA briefly bounced off this level but the trend remains bearish.
Cardano needs to do its best to stop the seller pressure at the key support point. If it fails, the next target of this correction will be found at 31 cents. This will also lead to a lower drop in 2024, which would be a sign of weakness.
Looking ahead, ADA is in a tough spot and will benefit if the broader market halts the current correction, otherwise it is hard to see a price reversal here.
Chart by TradingView
Binance Coin (BNB)
binance Coin is one of the few altcoins that managed to reach a new all-time high this year, which is quite a privileged position considering that most altcoins have a hard time making new highs.
The price closed the week down 1%, but this is part of a normal consolidation after a strong rally in June. As long as the price stays above $500, buyers have the advantage. Current resistance is at $700.
Looking ahead, BNB will be in a strong position if the market recovers later this year. The next big target is $1,000 if the bulls can break past the current resistance.
Chart by TradingView
shiba inu (SHIB)
SHIB continued its decline this week and closed with a 7% loss. The price is also approaching the key support at $0.000014, which was last tested in early July.
The expectation is that buyers will return to key support and attempt a reversal. If so, their target is the major resistance at $0.000018. Until then, momentum remains bearish.
Meme coins like SHIB have had a terrible few months after the excitement died down in late March. Hopefully the market will recover later this year and bring back interest, including for meme coins.
Chart by TradingView
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Cryptocurrency charts from TradingView.
#ETH #XRP #ADA #BNB #SHIB