ETH, XRP, ADA, BNB and SHIB

This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin and Shiba Inu.

Ethereum (ETH)

With global stock markets in turmoil, volatility also reached crypto. Ethereum could not stop the downward trend and closes the week with a loss of 3%. The price also lost its previous support at $3,300, even as buyers tried to recover it. It now acts as a key resistance.

Current support has moved to $2,800 and ETH could test this level if the markets remain bearish. Sentiment is also low in crypto as most coins are in the red at the time of this article.

Looking ahead, the momentum continues to the downside as shown by the MACD and RSI indicators. Sellers seem to dominate right now and have the upper hand. Buyers are unlikely to return until key support is reached.

Chart for TradingView Ripple (XRP)

XRP’s rally ended and closed the week with a loss of 4%. It was too difficult for the bulls to sustain given the broader market context. The price made one last attempt to rise before being rejected at 65 cents.

The most likely scenario is for sellers to take XRP to the key support at 54 cents. There, buyers could come back to stop this correction and attempt another rally towards the current target and resistance at 68 cents.

XRP had an excellent month in July, but that came to an abrupt halt in early August. Looking ahead, buyers still have a good chance to take control of price action later this month

Chart for TradingView Cardano (ADA)

ADA fell 6% this week after buyers disappeared. The price could not do anything about it and reached the key support at 37 cents. The ADA briefly bounced off this level, but the trend continues down.

Cardano must do everything possible to stop vendor pressure on key support. If it fails, the next target for this correction is at 31 cents. This would also lead to a lower low in 2024, which would be a sign of weakness.

Looking ahead, ADA is in a tough position and will benefit if the global market stops the current correction. Otherwise, it’s hard to see price upside here.

Chart by TradingView

Binance Coin (BNB)

Binance Coin is one of the few altcoins that hit a new all-time high this year. This is quite a privileged position considering that most altcoins struggled to reach new highs.

The price closed the week with a loss of 1%, but this is part of a normal consolidation after the strong rally in June. As long as the price stays above $500, buyers have an advantage. The current resistance is $700.

Looking ahead, BNB is in a strong position if the market recovers later this year. If the touches manage to break the current resistance, the next big target will be $1,000.

Chart by TradingView

Shiba Inu (SHIB)

SHIB continued to fall this week and closed with a loss of 7%. The price is also getting closer and closer to the key support at $0.000014. The last time this level was tested was in early July.

The expectation is that buyers will return to key support and attempt a reversal. If so, your target is the key resistance at $0.000018. Until then, momentum remains bearish.

Meme coins like SHIB had a terrible few months after the hype ended at the end of March. Hopefully the market will recover by the end of the year to regain interest, including the meme coins themselves.

Chart by TradingView

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