This week we take a closer look at Ethereum, Ripple, Cardano, Binance Coin and Dogecoin.
Last week, Ethereum fell below the uptrend. This was a major bearish signal and he lost 9.4% in the process. Moreover, today, when the bears dominated the charts and the market suddenly crashed, Ethereum lost almost 8.5% of its valuation within an hour of him.
At the time of this post, the bulls have managed to stem the downtrend at the $1,700 support level, but the bears continue to control price action and could push the cryptocurrency closer to $1,500. there is. The resistance is $2,000.
Looking ahead, the uptrend from July and August seems to be over and Ethereum is entering a major correction. This could continue for some time, especially given that the daily MACD has turned bearish this week and will take time to recover.
After XRP failed to convert the $0.38 resistance to support, the uptrend parabola broke and the price quickly fell. Over the past 7 days, XRP has fallen 11% and is rapidly approaching its key support of $0.30. Because of this, the momentum clearly favors sellers.
Today’s crash came with an increase in trading volume. This suggests that this correction may not stop until the bears bring his XRP to major supports. The indicator also dropped, and the bearish bias intensified as the week progressed. His RSI for the day is also rapidly approaching oversold levels.
The bulls may have a hard time stopping the attack in the coming days. Their best chance seems to be at the $0.30 support level.
The ADA misled most market participants with a bogus breakout earlier this week. The price took him above the $0.55 resistance, but fell below it again a few days later, ending the last seven days with a 12.9% loss. This made him one of the worst performers on the ADA’s list this week after he lost all progress back in August.
The current support is at $0.44 and the resistance is at $0.50. Given the momentum in the market at the time of this writing, it seems likely that ADA will reach support before a possible rebound occurs.
The outlook for Cardano remains negative and the recent MACD bearish cross indicates that the price may retest lows from mid-July if the market continues this correction. It is recommended to prepare the lower levels before considering.
Binance Coin (BNB)
Once the BNB climbed above $330, the bulls lost momentum and quickly faced stiff resistance, turning the price around. This caused Binance Coin to close in the red with a loss of 13.1% for the past seven days. At the time of this posting, the price has fallen sharply towards the major support of $267.
The $330 resistance remains firm and is not likely to revisit anytime soon.A break in the downtrend at $267 will be important for the bulls. Losing this level can lead to major breakdowns.
Going forward, the bias remains bearish and the indicator could end up in an oversold state. The price action also favored the bears, allowing the last three candlesticks to close in the red. The emergence of such patterns usually results in a major turning point in the market.
DOGE rallied hard earlier this week, losing all gains over the past seven days and losing 3.1% of its value.
DOGE has strong support at 5 cents, but could find support sooner if the market can reverse course. The key resistance is at 7 cents.
The hype surrounding Dogecoin was short-lived this week. This is commonly seen in bear markets where the uptrend is really shaping up as a selling opportunity. An imminent bearish cross in the daily MACD looks like DOGE will continue its downtrend.
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Cryptocurrency charts by TradingView.