As the world stock markets experience turmoil, the cryptocurrency market has not been spared from the volatility. Ethereum, one of the leading cryptocurrencies, faced a 3% loss this week. The price of Ethereum plummeted below the $3,300 mark, with buyers struggling to reclaim this significant support level. Currently, the support has shifted to $2,800, and if the market continues to be bearish, ETH might test this level soon. The sentiment across the crypto market is low, with most coins trading in the red. Both MACD and RSI indicators point towards a bearish momentum, indicating that sellers are currently dominating the market. It seems unlikely that buyers will return until the key support is reached.
Ripple, also known as XRP, experienced a 4% loss this week after its rally came to an abrupt end. Despite the efforts of bulls, the price of XRP was rejected at 65 cents, leading to a downward trend. The most probable scenario is for sellers to push XRP towards the key support at 54 cents, where buyers might step in to prevent further correction. While XRP had a remarkable month in July, the bearish trend which started in August seems to be continuing. Buyers still have a chance to take control of the price action later this month, but the overall market conditions remain uncertain.
Cardano (ADA) witnessed a 6% drop this week as buyers disappeared from the market. The price of ADA reached the key support level at 37 cents, where it briefly bounced before continuing its bearish trend. If Cardano fails to hold off the pressure from sellers at this support level, the next target for correction is likely to be at 31 cents. This could result in a lower low in 2024, signaling weakness in the market. ADA is currently facing a challenging position and would greatly benefit from a halt in the current market correction.
Unlike many other altcoins, Binance Coin (BNB) managed to hit a new all-time high this year. The price closed the week with a 1% loss, reflecting a normal consolidation phase after a strong rally in June. As long as the price remains above $500, buyers hold an advantage in the market. The current resistance level for BNB is at $700, and if bulls manage to break this barrier, the next significant target will be at $1,000. Binance Coin remains in a strong position for potential growth later this year.
Shiba Inu (SHIB) faced a 7% loss this week, bringing the price closer to the key support level at $0.000014. The market expectation is for buyers to return at this support level and initiate a reversal in the trend. If successful, the target for buyers would be the key resistance at $0.000018. However, until this reversal occurs, the momentum for SHIB remains bearish. Meme coins like SHIB have struggled in the past few months after the initial excitement waned in late March. The hope is that the overall market will recover later this year, reigniting interest in meme coins like SHIB.
The cryptocurrency market continues to demonstrate volatility, with each coin facing its own set of challenges and opportunities. It is important for investors to closely monitor the market trends and indicators to make informed decisions about their investments.