This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Solana.
The market suffered a sudden drop last night, and Ethereum was not spared, decreasing by 5% in the past week. This took the price back to the key support at $1,550. Buyers are now put under pressure, and it is uncertain if this selloff has ended or may continue.
This latest drop comes after ETH was rejected at the $1,700 resistance. While the price remains within a flat channel on the daily timeframe, a break below the current support can quickly take it much lower.
Looking ahead, the price action has turned bearish on most cryptocurrencies, and the sellers appear in charge.
Ripple quickly fell to the 36 cents support level overnight, booking a 5.6% decline this past week. With clear lower lows and lower highs, the trend is bearish for the time being.
Should the support level fail to stop sellers, then Ripple will likely trend downwards to 33 cents. Buyers do not appear interested in XRP at this time, and the key resistance is found at 40 cents.
The daily momentum indicators, such as the MACD and RSI, are both bearish and picking up speed as they fall, so there is little hope for a speedy reversal. For this reason, this correction can still continue for some time.
Cardano suffered much more than XRP, broke below its critical support at 35 cents, and is well on its way to reaching 30 cents. This latest drop in price made ADA close the past seven days with an 11.8% loss.
Until the price reaches the support at 30 cents, it seems less likely for buyers to return. This breakdown has also turned the 35 cents level into a key resistance.
At this time, Cardano is one of the weakest cryptocurrencies in the top 10. The downtrend continues, and the sentiment remains bearish, with little hope of a significant change in the coming week.
Binance Coin (BNB)
Binance Coin suffered a similar drop to XRP, falling by 5.7% this past week. With good support at $290, the question is if buyers will manage to hold off here or if they will need to give way to lower levels. If so, BNB will find good support just above $250.
The current resistance is at $315, and buyers were unable to push the price to this level in the past week as they were always on the defensive.
Looking ahead, if the market remains bearish, then BNB will likely fall to the next level of support to release some of the pressure from this selloff. That could allow buyers to regain control and attempt a recovery.
Solana is the worst performer on our list this week after booking a 12% price drop. The breakout above the descending triangle turned into a fake-out, and SOL’s price quickly reversed course. In the process, the price returned back on the key support at $20.
Buyers must hold at $20. If not, then the next key level of support will be found at $15. The current resistance is $23.
Looking ahead, Solana is in a difficult position, and its critical support will be decisive in where the price moves next. Sellers continue to have the upper hand, and for this reason, the bias is currently bearish.
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