Ethereum saw a significant drop in price despite the launch of several ETFs. The support level at $3,300 turned into resistance as the price fell by over 10%. This could potentially lead to further downward pressure, with a target of $2,800 if buyers do not step in. The volatility created by the ETF launch may take some time to settle, and Grayscale’s selling activity is not helping ETH gain momentum.
On the other hand, Ripple closed the week with an 8.7% price increase, showcasing a healthy performance. Although the momentum remains bullish, the declining buying volume indicates potential weakness. However, if buyers return with conviction, XRP has a good chance of testing the resistance at 68 cents. A pullback might find support at 54 cents, but overall, XRP looks poised for further gains.
Cardano faced resistance at 46 cents and saw a 2.5% price loss for the week. The price action mirrored Ethereum’s, with a near test of the key support at 37 cents before buyers intervened. Breaking above 46 cents is crucial for ADA to inspire confidence and move higher in the future. The current price action does not paint a positive picture for Cardano’s immediate future.
Binance Coin experienced a correction after hitting an all-time high, bouncing back from the $500 level. The 1% price increase for the week suggests that buyers are still interested in BNB. The resistance at $721 is the key level to watch, and if bulls manage to break above it, further upside potential could be unlocked. BNB appears to be consolidating, setting the stage for a more decisive move in the near future.
Shiba Inu struggled around the $0.000018 level and closed the week with a 5% loss, showing indecisiveness among buyers. The momentum indicators like the MACD remain bearish on the weekly timeframe. However, reclaiming $0.000018 as support could spark a recovery towards $0.000025. SHIB has the opportunity to turn the downtrend around and establish higher levels if buyers step in decisively.
Overall, the top cryptocurrencies analyzed have shown mixed performance for the week. While some, like Ripple, Binance Coin, and Shiba Inu, have potential for further gains, others like Ethereum and Cardano face challenges in overcoming key resistance levels. The crypto market remains volatile, and investors should exercise caution while considering their investment decisions.
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