The recent turmoil in the world stock markets has not spared the cryptocurrency market, as volatility has become a common theme across the board. A closer look at Ethereum shows a 3% loss for the week, with the price failing to hold onto its previous support at $3,300. The current support level stands at $2,800, which could be tested if the bearish sentiment persists. The MACD and RSI indicators indicate a bearish momentum, with sellers currently dominating the market.
Ripple, on the other hand, closed the week with a 4% loss after an unsuccessful rally. The price was rejected at 65 cents, signaling a potential move towards the key support at 54 cents. While XRP had a strong performance in July, the start of August brought a halt to its bullish momentum. Buyers may have a chance to regain control later in the month, but the overall market context will play a crucial role in determining XRP’s future direction.
Cardano faced a 6% loss this week as buyers disappeared from the market. The price dropped to the key support at 37 cents, with a potential further decline to 31 cents if the bearish trend continues. ADA is currently under pressure from sellers, and a failure to hold the support level could signal weakness in the market. The overall market conditions will be a determining factor in ADA’s ability to reverse the current correction.
Binance Coin stands out as one of the few altcoins that managed to achieve a new all-time high this year. Despite closing the week with a 1% loss, BNB remains in a strong position above $500. The current resistance level is at $700, and a successful break above could propel the price towards $1,000. BNB’s performance will depend on the overall market recovery later in the year.
SHIB experienced a 7% loss this week, bringing the price closer to the key support at $0.000014. The anticipation is for buyers to step in at this level and attempt a reversal towards the key resistance at $0.000018. Meme coins like SHIB have faced challenges in recent months, following a decline in interest since late March. The market’s recovery later in the year could revive interest in meme coins like SHIB.
The cryptocurrency market is currently facing significant challenges, with most major coins experiencing losses and bearish sentiments. The overall market conditions and investor sentiment will play a crucial role in determining the future direction of cryptocurrencies like Ethereum, Ripple, Cardano, Binance Coin, and Shiba Inu. Traders and investors should proceed with caution and closely monitor the market developments to make informed decisions.