Ethereum (ETH)
Take a closer look at Ethereum’s recent performance. Despite experiencing low volatility, the price of Ethereum has seen a modest loss of 1.7% this week. The key resistance at $1,660 has prevented the bulls from pushing the price higher. If sellers increase their pressure, the support levels at $1,550 and $1,440 are crucial in stopping them. It’s important to note that Ethereum remains in a downtrend, with momentum favoring the sell side. If nothing changes, there is a high possibility of a test of the key support at $1,440 in the next few weeks, especially if Bitcoin breaks below $25k.
Ripple (XRP)
Let’s analyze Ripple’s performance. XRP has been consolidating around 50 cents for a while now and closed the week with a minor loss of 1.7%. Currently, there is strong support at 47 cents, which is not far from the current price. If sellers return, this level could be tested again, similar to mid-August. On the other hand, the resistance is at 56 cents, and buyers have not shown enough strength to test this level. The overall price action remains bearish, indicating a lack of buy-side strength that could persist for some time. As long as the support at 47 cents holds, there is a possibility of recovery once the consolidation ends.
Cardano (ADA)
Now, let’s examine Cardano’s recent trends. Cardano is currently in a flat trend above the key support at 25 cents, resulting in a minor loss of 1.3% this week. Despite several attempts, sellers have been unable to break this support. However, there is a possibility that bears could continue to put pressure on this key support, potentially leading to a breakdown if buyers become exhausted. The price action of Cardano appears fragile and vulnerable to market volatility, especially if market leaders like BTC and ETH continue to drop lower. In such a scenario, ADA could revisit the 24 cents level.
Shiba Inu (SHIB)
Let’s analyze the downtrend of Shiba Inu (SHIB). The price of SHIB continued to make lower highs, resulting in a 5.5% loss this week. Currently, the support level stands at $0.0000075, which has held against bearish pressure so far. However, if the bearish sentiment persists, sellers could return and push the price lower. It’s important to note that SHIB has lost all the gains it made in August and could potentially reach new lows this month.
Tron (TRX)
Lastly, let’s take a look at Tron’s performance. Tron stands out as the outlier on our list, registering a 1.8% increase this week while most altcoins are in the red. This can be attributed to Tron’s consistent uptrend since the beginning of the year, characterized by higher lows and higher highs. Currently, Tron has support at $0.077, and if buyers continue to persist, they could potentially drive the price back to the key resistance at $0.086. If this happens, the uptrend is likely to continue for some time.
Hot Take
As the crypto market continues to fluctuate, it’s essential to closely monitor the performance of different cryptocurrencies. Understanding key support and resistance levels, as well as market trends, can help you make informed decisions when it comes to investing in cryptocurrencies. Remember to stay updated with the latest news and developments in the crypto space to navigate the market effectively.
By
By
By
By
By