The recent performance of Ethereum has not been particularly impressive, with a 3% loss in the past week. The inability to maintain support at $3,300 has shifted the current support level to $2,800. This downward trend has been exacerbated by a bearish market sentiment, as indicated by the MACD and RSI indicators. Sellers are currently dominating the market, making it unlikely for buyers to return until the key support level is reached.
Ripple’s rally came to an end last week, resulting in a 4% loss for the cryptocurrency. The resistance at 65 cents proved to be a major hurdle for buyers, leading to a potential drop to the key support at 54 cents. While July was a positive month for XRP, the trend took a turn in August. Buyers may still have a chance to regain control of the price action later in the month.
Cardano Analysis
Cardano faced a 6% decline this week, with buyers disappearing from the market. The price reached the key support level at 37 cents, where a brief bounce occurred. However, the trend remains bearish, with the possibility of further correction to 31 cents. ADA is in a challenging position and would benefit from a market-wide recovery to reverse the current trend.
Unlike many other altcoins, Binance Coin managed to achieve a new all-time high this year. Despite a 1% loss in the past week, the price consolidation above $500 indicates buyer strength. The resistance level at $700 poses a challenge, but a break above it could lead to a target of $1,000. BNB is in a strong position for potential recovery in the market.
Shiba Inu (SHIB) Analysis
Shiba Inu experienced a 7% loss last week and is approaching the key support level at $0.000014. Buyers are expected to intervene at this support level to attempt a reversal towards the key resistance at $0.000018. The momentum for SHIB remains bearish, reflecting the overall sentiment towards meme coins following a decline in interest since late March.
The cryptocurrency market remains volatile, with various coins facing challenges in maintaining positive momentum. While some cryptocurrencies like Binance Coin show resilience and potential for recovery, others such as Ethereum and Ripple are struggling to overcome bearish market sentiment. It will be interesting to see how the market evolves in the coming weeks and whether buyers will be able to regain control amidst ongoing uncertainty.
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