This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Solana.
Ethereum’s price has remained largely flat with little volatility. For this reason, it is almost identical to seven days ago. Momentum and volume continue to move sideways with no perceivable trend at this time. The key support remains at $1,250, and the resistance at $1,400.
The price is stuck in a channel, and it can comfortably move sideways until the end of the month before any significant resistance will be faced. Even if ETH’s price bounces between the key levels, as long as a breakout does not happen, the flat trend remains intact.
The current price action is quite atypical for a cryptocurrency, and market participants are struggling to adapt to such low volatility. But, as history shows, periods of low volatility usually end with an explosive change in the price.
Ripple was not as fortunate as Ethereum and ended up losing 8.3% of its valuation in the past seven days. This erased all of its most recent gains. With the price now found at the critical support of $0.44, the buyers will have the difficult task of stopping the assault from the bears.
This most recent price action has turned the chart bearish. Moreover, the indicators such as the MACD and RSI are falling lower with each passing day. This puts the momentum clearly behind the sell side of the market.
Should bears be successful in the coming days, then XRP will likely fall to $0.38 and turn the current support at $0.44 into a resistance level. Based on the current price action, it is only a matter of time before the current support is lost, with little hope for this trend to reverse.
Cardano is suffering from a severe downtrend, and this has continued in the past seven days as its price decreased by 11.6%. The current downtrend appears to intensify rather than subside. This makes the chart extremely bearish, and buyers seem to have vanished.
The current support is at $0.33, and the price is holding by a thread from falling even lower. If bulls don’t show up quickly, then ADA may drop under 30 cents in the coming week. The key resistance is at $0.38, and this level was confirmed on Monday when bears took over the price action.
ADA is again the worst performer on our list this week, and with the speed of the downtrend accelerating, it is almost impossible to expect a reversal. Cardano is at its weakest point in the past five months, and the worst may still be ahead.
Binance Coin (BNB)
Similar to Ethereum, Binance Coin has managed to maintain its price within a clear range. For this reason, it is almost identical to seven days ago. However, BNB appears to be compressing as time passes, and a breakout could be expected towards the end of October.
The current support at $260 has done a fantastic job protecting this cryptocurrency from breaking lower, and buyers always showed interest at this key level. The question is if they can continue to show such strength in the future, as bears may try their luck again soon.
BNB has resistance at $275, and with the support not far away from this level, the price will likely try to escape from this range in the future. A clear breakout at that point will likely decide where BNB will go next.
Despite a worthy effort to keep Solana above $30, buyers were finally defeated, and the price decreased by 10.9% in the past seven days. This level has now turned into a key resistance, and the next support for SOL is found at $26. Due to this, Solana’s price action is now very similar to Cardano’s.
Bears appear to have full control of the price action, and they may not be satisfied until Solana falls to $26. Momentum is clearly bearish right now, and the indicators are slowly approaching oversold conditions. Therefore, buyers could return once the critical support is touched.
Looking ahead, Solana appears weak at this time, and buyers will be shy to return unless there is some hope of a reversal. With the market sentiment being bearish, it may take this cryptocurrency quite some time until it finds its footing again.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.