ETH, XRP, BNB, TON and SHIB

This week, we examine Ethereum, Ripple, Binance Coin, Toncoin, and Shiba Inu in more detail.

Ethereum (ETH)

Although Ethereum had a volatile week, its price held up well, closing it with a 1% gain. Buyers defended the cryptocurrency at the $2,400 support level, which continues to hold at the time of this publication.

It is critical that ETH does not lose its support because otherwise sellers will quickly take over the price action and have $2000 next. This move would also send most altcoins into the red.

Looking ahead, the market still shows indecision and hesitation. That’s why it’s moving sideways right now. Ethereum price action also reflects this sentiment. Ideally, ETH will make a higher high above $2,800 in the coming weeks for buyers to regain full control.

Chart by TradingView

Ripple (XRP)

XRP closed a week with very low volatility, but still managed a 2% price increase. However, buyers were unable to break the key resistance at $0.54 and turn it into support.

On the other hand, the sellers were also unable to bring the price below 50 cents, which has turned the chart into a stalemate since the end of September. That’s why momentum has remained flat with almost no volatility.

Looking ahead, eventually this balance between market forces will break and XRP will make a major move. It is difficult to predict when this will happen, but a key indicator will be the $0.54 level. Break above it and the bulls will take over, fall further below it and the bears will be in control.

Chart by TradingView

Binance Coin (BNB)

Interestingly, Binance Coin has been trending flat since July, somewhat mirroring Bitcoin. The price also stopped making lows since August. This is atypical if we compare BNB to other altcoins that suffered much more in this period.

This also explains why BNB closed the week with a 2% price increase and seems poised for higher highs. Buyers also seem interested whenever the price dips below $550, which has so far managed to stop any strong selling pressure.

Going forward, this cryptocurrency may once again attempt to break above $600. If it succeeds in turning this level into a key support, BNB has a good chance of challenging the current all-time high of $720.

Chart by TradingView

Toncoin (TON)

Since June, Toncoin has been in a downward trend. Most recently, the price was rejected by the resistance at $5.9, which is why the cryptocurrency ended the week with a loss of 3%. At the time of this post, TON is sitting at key support at $5.2 and showing signs of a potential reversal.

Ideally, the price action will make a higher low at $5.2 and aim to break the key resistance for a higher high. This is the bullish scenario. A drop below $5.2 would put the bears back on top and likely revisit the lows from September when TON fell to $4.5.

Looking ahead, Toncoin has a real chance to stop the June downtrend and recoup some of the recent losses. Keep a close eye on the $5.2 support, which will be decisive for where this cryptocurrency goes.

Chart by TradingView

Shiba Inu (SHIB)

After some hesitation, SHIB managed to close the week in the green with a 1% price increase. This comes as the price has been consolidating around $0.000016 and follows a strong pullback from the key resistance at $0.000020.

If buyers manage to hold the price at this level, they may attempt another rally next week to challenge the resistance again. Key support is at $0.000014 and has not been tested so far. This shows that buyers are interested in this meme coin and is a sign of strength.

Looking ahead, Shiba Inu is well positioned to benefit from the current narratives in the crypto space, where meme coins have been the main focus of late.

Chart by TradingView

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