This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Shiba Inu.
Ethereum (ETH)
With world stock markets in turmoil, volatility also came to crypto. Ethereum could not 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.
The current support has moved to $2,800 and ETH could test this level if markets remain bearish. Sentiment is also low across crypto as most coins are in red at the time of this article.
Looking ahead, the momentum remains bearish as shown by the MACD and RSI indicators. Sellers appear to dominate right now and they have the advantage. Buyers are unlikely to return until the key support is reached.
Ripple (XRP)
XRP’s rally ended and closed the week with a 4% loss. It was too hard for bulls to sustain it considering the wider market context. The price made a last attempt at moving higher before being rejected at 65 cents.
The most likely scenario is for sellers to take XRP to the key support at 54 cents. There, buyers could return to stop this correction and attempt a new rally towards the current target and resistance at 68 cents.
XRP had an excellent month in July, but this was abruptly stopped with the start of August. Looking ahead, buyers still have a good chance at taking control of the price action later this month
Cardano (ADA)
ADA fell by 6% this week after buyers vanished. The price could not do anything about it and reached the key support at 37 cents. ADA bounced briefly on that level, but the trend remains bearish.
Cardano has to do its best to stop the pressure from sellers at the key support. If it fails, then the next target for this correction is found 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 difficult position and would benefit if the overall market stops the current correction. Otherwise it is hard to see the price reverse here.
Binance Coin (BNB)
Binance Coin is one of the few altcoins that managed to make a new all-time high this year. This is quite a privileged position considering most altcoins struggled to make new highs.
The price closed the week with a 1% loss, but this is part of a normal consolidation after the strong rally from June. As long as the price remains above $500, buyers have an advantage. The current resistance is at $700.
Looking ahead, BNB is in a strong position should the market recover later this year. If bulls manage to break the current resistance, then 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 getting closer and closer to the key support at $0.000014. The last time this level was tested was in early July.
The expectation is for buyers to return at the key support and attempt a reversal. If so, their target is the key resistance at $0.000018. Until then, momentum remains bearish.
Meme coins such as SHIB had a terrible few months after the excitement ended in late March. Hopefully the market recovers later this year to bring back interest, including to meme coins.
Chart by TradingView
