Ethereum (ETH)
Ethereum attempted to break above $1,660 but was met with resistance from sellers, causing the price to fall back to its key support trend line. As a result, ETH ended the week with a 2.5% loss.
The momentum indicators are bearish, and the lack of buyers is putting pressure on the support at $1,550. Additionally, ETH’s ratio against BTC has been bearish for over a year, adding to the selling pressure.
If buyers don’t step in soon, there is a risk of the price breaking below the large ascending triangle pattern, which would be a bearish signal and could lead to a significant drop.
Ripple (XRP)
XRP had a positive week as it attempted to reach the resistance at 57 cents. However, sellers halted this move and the price is now in a corrective phase. Despite this, XRP still saw a 2.5% increase in price.
This indicates that bulls are becoming more active. The momentum indicators are also turning upwards, and there was a bullish cross on the MACD indicator on the 3-day timeframe. This suggests the possibility of a rally starting.
If the resistance at 57 cents is broken, XRP could see further gains towards 68 cents. The current support at 47 cents is holding well.
Cardano (ADA)
Cardano finally broke above the 25-cent level and has been rallying since then, confirming it as a support level. ADA ended the week with a 5% increase in price.
The next resistance on the chart is at 28 cents. If the momentum continues, ADA could reach this level in the coming week. This is a positive change in price action after being in a downtrend for the past three months.
As long as the overall market remains bullish, ADA has the potential to capitalize on these recent gains and move higher.
Shiba Inu (SHIB)
Unlike ADA, SHIB has been unable to break out of its current range and remains in a flat trend with low volatility and volume. It also saw a 2.3% decrease in value this week.
This lack of movement is likely to continue unless there is a significant increase in market participants’ interest in Shiba Inu. The current support at $0.0000070 and resistance at $0.0000075 remain unbroken.
Attracting buyers seems to be a challenge for SHIB at the moment, and it’s uncertain if this will change in the near future.
Solana (SOL)
Solana took a break this week and did not attempt to break the resistance at $25 for the second time. However, it still recorded an impressive 15.6% increase in price, making it the best performer on our list.
The support at $22 is strong, and buyers are likely to step in if the price continues its current correction. Overall, SOL remains in an uptrend, and it may attempt to break the resistance at a later time after this pullback ends.
In October, Solana still has potential for further gains with targets set at $25, $28, and $30 on the chart.
Hot Take: Cryptocurrencies Experience Mixed Performance
This week saw Ethereum facing selling pressure and struggling to maintain its bullish momentum. Ripple showed signs of a possible rally with bullish indicators emerging. Cardano broke out of its downtrend and recorded positive gains. Shiba Inu remained stagnant with low trading activity. Solana had a strong performance, despite taking a break from attempting to break resistance levels. Overall, the cryptocurrency market experienced mixed performance, highlighting the importance of monitoring individual coins and their respective trends.
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