As a seasoned crypto investor who’s been through multiple market cycles, I can say that this week has been a challenging one for us altcoin enthusiasts. Ethereum (ETH), Ripple (XRP), Cardano (ADA), Binance Coin (BNB), and Solana (SOL) have all taken a hit, with each showing signs of bearish sentiment.
This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Solana.
Ethereum (ETH)
This week saw Ethereum’s ongoing decline, dipping below the crucial support level at $2,400. The closing drop amounted to approximately 6%, giving control back to the bearish forces in the market. Absent prompt intervention from buyers, Ethereum could potentially slide down to $2,000.
To date, the value of this cryptocurrency hasn’t dipped lower than its drop on August 5th, but it has reached a new high that was lower compared to before. This suggests a bearish trend and doesn’t offer much optimism for a turnaround at present. Instead, there’s a possibility that the price may return to the levels seen in early August.
Moving forward, Ethereum finds itself in a challenging position, and there’s a possibility that its struggle could drag down the broader altcoin market if it doesn’t manage to turn things around.
Ripple (XRP)
Currently, XRP is holding steady near the 54 cent mark, but there’s a strong desire among sellers to push it below this point. The weekly close saw a 4% decrease, and the trend indicates a bearish momentum. If conditions remain unchanged, the support at this level might not hold for much longer, potentially causing XRP to drop to around 50 cents in the near future.
At present, with a minimal amount of activity and bears dominating the market, it seems that the available choices for this cryptocurrency are rather scarce. The trend still appears to be leaning towards sellers.
In the future, it’s possible that the price of XRP could drop to 50 cents or even less, triggering disinterest among buyers. Keep an eye on the existing support levels as they could indicate this bearish trend.
Cardano (ADA)
Cardano tried to stop the current downtrend but failed. It closed the week with a 9% loss and appeared to be struggling at the time of this post. Its price is also dangerously close to the key support at 31 cents, which may soon be put under pressure.
If the current decline in ADA‘s value doesn’t reverse soon, its owners might endure persistently low prices until a base is established. In early August, a sudden drop led many investors to buy ADA when its price momentarily dipped to 28 cents.
Moving forward, if ADA maintains its support around 31 cents, it could signal a potential reversal of the current downward trend for buyers. Conversely, a swift dip below 30 cents might occur as an alternative scenario.
Binance Coin (BNB)
2021 was a strong year for Binance Coin up until June, when it peaked at its record high. However, since then, the price has been in a lengthy downtrend. Despite this, investors have mostly kept the coin’s value above $500 throughout this period.
Currently, BNB has returned to the $500 level following a 6.5% drop this week. If purchasers fail to demonstrate their power here, losing this support might indicate a major setback that could potentially push the price even lower.
As we move forward, the $500 mark serves as a significant turning point. If this level isn’t held, price activity might be controlled by the sellers (bears).
Solana (SOL)
Despite Solana’s efforts to maintain an upward trend, the market seems to have different ideas. This week alone, its price dipped by 8.5%, and it appears that bears are far from content. More troubling is the fact that the $134 support level has been breached, suggesting that Solana’s value may continue to decline further.
Currently, the crucial point of resistance on the graph is situated at $100. Even though it’s a bit far off, if the current trend persists, there’s a possibility that Solana might return to that price point.
Moving forward, there’s a growing negative outlook on this cryptocurrency because it hasn’t reached new highs since March, and the current market trends suggest that lower prices may be imminent.
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2024-09-06 12:00