This week’s Crypto Market Overview
Ethereum (ETH)
Following Ethereum’s resistance at $2,100 last Friday, the price has entered a corrective phase, resulting in a 7% decrease this week. The correction may continue, potentially bringing ETH down to the key support at $1,850. However, as long as the cryptocurrency remains within an ascending triangle, the high-timeframe bias remains bullish, and a breakout is still probable.
Ripple (XRP)
XRP experienced significant gains last week but saw a 6.5% decline this week as sellers pushed the price down. The resistance at 68 cents prevented further upward movement, with support found at 57 cents. A test of this support level is likely in the near term, and if buyers hold there, XRP could return to an uptrend.
Cardano (ADA)
Cardano faced resistance at 41 cents this week, leading to a 3.6% drop in its price. The most crucial support level is now at 35 cents, and if ADA can hold there, it may form a strong foundation for another attempt to break through the resistance.
Solana (SOL)
Despite being rejected at the key resistance of $67, Solana recorded a remarkable 19% price increase this week. However, the failure to break above $67 suggests that sellers may bring SOL down to the key support at $43. A correction is overdue for Solana, and it needs to maintain above $43 to continue its upward trend.
Binance Coin (BNB)
Binance Coin closed the week with a 4% loss after failing to surpass the resistance at $265. The price action is flat, and BNB may test the support at $230 again given the overall market sentiment. At present, BNB lacks momentum to move higher and may need more buyers to return.
Hot Take: Cryptocurrency Market Overview
This week showcased both positive and negative movements in various major cryptocurrencies. While some faced corrections and losses, others demonstrated resilience and potential for future growth. As always in the volatile world of cryptocurrency trading, it’s essential for investors to stay informed about market trends and make strategic decisions based on thorough analysis.
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