The latest market analysis reveals that Ethereum experienced a 3% loss this week, showcasing its inability to stop the downtrend. The price of ETH lost its previous support at $3,300, now acting as a key resistance level. With current support at $2,800, there is a possibility of ETH testing this level if the markets continue to be bearish. Overall sentiment across the crypto market is low, reflected in the majority of coins being in the red. Moving forward, indicators such as MACD and RSI signal a bearish momentum, with sellers currently dominating the market. Buyers are unlikely to return unless the key support level is reached.
Ripple faced a 4% loss, closing the week after the rally ended abruptly. Bulls struggled to sustain the momentum, leading to a rejection at 65 cents. The most probable scenario is for sellers to push XRP towards the key support at 54 cents, where buyers might intervene to prevent further correction. Despite a successful month in July, XRP’s performance in August has been lackluster. Buyers might have an opportunity to regain control of the price action in the coming weeks.
ADA witnessed a 6% drop as buyers disappeared, causing the price to hit the key support at 37 cents. Although ADA briefly bounced at that level, the trend remains bearish. Pressure from sellers might lead ADA to the next target at 31 cents, potentially indicating further weakness. ADA’s future outlook depends on the overall market condition, as a halt to the current correction could benefit the cryptocurrency.
In contrast to other altcoins, Binance Coin managed to achieve a new all-time high this year. Despite a 1% loss this week, consolidation is expected after a strong rally in June. With the price above $500, buyers hold an advantage, facing resistance at $700. Looking ahead, BNB is positioned well for a market recovery, with a breakthrough resistance potentially leading to a target of $1,000.
Shiba Inu recorded a 7% loss this week, approaching the key support at $0.000014. Buyers are anticipated to return at this level to attempt a reversal, targeting the key resistance at $0.000018. However, until this occurs, the momentum remains bearish. Meme coins like SHIB have struggled in recent months following the dwindling excitement from earlier in the year. A market recovery could reignite interest in meme coins.
The cryptocurrency market presents a mixed outlook for Ethereum, Ripple, Cardano, Binance Coin, and Shiba Inu. While some face challenges with bearish trends and key support levels, others remain resilient with potential for growth. Traders and investors should closely monitor these cryptocurrencies for any emerging opportunities or risks in the ever-volatile crypto market.
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