This week, we take a closer look at Ethereum, Ripple, Cardano, Shiba Inu, and SOL.
The market took a sharp turn and ETH crashed by 8.6% this week with most of the loss registered yesterday in the span of a few hours.
The price quickly lost $200 and buyers only came once ETH reached the key support at $1,660. Since then, bulls have managed to keep Ethereum above this support level, but it is still too early to say if bears will stop here or attack again.
Looking ahead, this cryptocurrency has made a lower low which may turn the overall momentum bearish for the rest of the month. Nevertheless, if the support holds, then the worse could be behind us.
XRP managed to erase in full the gains made in mid-July. This makes it the worst performer on our list after losing 19.7% this week. In the process, its price also fell under 50 cents which is a key psychological level.
This outcome must be very disappointing for XRP holders as enthusiasm was high last month when the price pumped on the SEC news. Now, it would be a miracle if XRP can hold above 50 cents.
Looking ahead, there is good support at 47 cents, but any level during such a volatile market must be taken with a grain of salt. The resistance is found at 56 cents.
Similar to XRP, ADA has also suffered this week, closing it with an 11% loss. The price managed to find good support at 25 cents which attracted buyers, as indicated in our previous ADA analysis.
The resistance is at 28 cents right now, and considering the bearish momentum, it would be surprising if buyers manage to test it at this time.
Looking ahead, the price action is bearish, and ADA holders should expect another test of the key support before any relief rally can take place. Sellers may still have more to say in the current market.
Shiba Inu (SHIB)
The past week has shattered dreams after SHIB lost 16.4% of its valuation. This drop has basically reset the price to the levels from July. With it, the rally has ended, and questions are raised if SHIB can recover any time soon.
The current support is found at $0.0000078, and so far, it held the assault from bears. Nevertheless, sellers could return if bulls attempt to take the price to $0.0000090, where the current resistance sits.
Looking ahead, SHIB has to do its best to stop this downtrend and aim to consolidate above the key support. Anything less and this memecoin could see lower levels next.
Solana (SOL)
The market turned bearish, and with it, Solana is found in a downtrend. Its price dropped by 10.2% this week, and so long as the downtrend continues, lower levels might come into play.
The current support is found at $20, and the resistance is at $22. These levels form the bottom and top of the downtrend channel. If the bearish momentum continues, then it might be the case that there will be another go at $20 as sellers may return.
Looking ahead, SOL is found in a deep correction after a spectacular rally in June and July when its price doubled from $15. If it can hold above $20, then optimism may return.
