Cryptocurrency markets have seen a significant amount of turmoil in recent times, with Ethereum being no exception. Despite attempts by buyers to reclaim support at $3,300, Ethereum closed the week with a 3% loss. The current support has shifted to $2,800, and there is a possibility of ETH testing this level if the markets continue to remain bearish. Looking at the MACD and RSI indicators, the momentum remains bearish, indicating that sellers currently have the upper hand in the market. It seems unlikely that buyers will return until the key support level is reached.
Ripple’s rally came to an end as it closed the week with a 4% loss. Despite efforts by bulls to sustain the price, XRP was rejected at 65 cents, leading to a downward trend. The most likely scenario is for sellers to push XRP towards the key support at 54 cents. However, buyers could potentially step in at this level to prevent further corrections and initiate a new rally towards the resistance at 68 cents. While XRP had a strong month in July, the start of August has brought about challenges that buyers will need to overcome.
Cardano saw a 6% decrease this week as buyers disappeared from the market. The price fell to the key support at 37 cents, indicating a bearish trend. Cardano needs to prevent further pressure from sellers at this critical level; otherwise, the next target for correction could be at 31 cents, signaling weakness in the market. ADA is currently in a challenging position, hoping for a market recovery to reverse the downward trend.
Binance Coin stands out as one of the few altcoins that hit a new all-time high this year. Despite closing the week with a 1% loss, BNB is in a strong position as long as it remains above $500. The current resistance level is at $700, and if bulls can break through, the next target would be at $1,000. Binance Coin’s consolidation after a strong rally in June suggests a positive outlook for the coin, especially if the overall market trends upward.
Shiba Inu closed the week with a 7% loss, bringing it closer to the key support at $0.000014. The expectation is for buyers to return at this level and attempt a reversal towards the key resistance at $0.000018. The momentum for meme coins like SHIB has been bearish, particularly after the decline following the excitement in late March. However, there is hope for a market recovery later this year to reignite interest in meme coins.
The cryptocurrency market continues to show volatility, with different coins facing various challenges and opportunities. While some struggle to maintain key levels of support, others like Binance Coin find themselves in strong positions for potential growth. It is essential for investors to closely monitor these developments and adapt their strategies accordingly to navigate the ever-changing landscape of the cryptocurrency market.
