As the world stock markets faced turmoil, the crypto market also experienced significant volatility. Ethereum, one of the leading cryptocurrencies, saw a 3% loss in value this week. Despite attempts by buyers to reclaim support at $3,300, it now serves as a key resistance level. With the current support shifted to $2,800, there is potential for ETH to test this level if the bearish trend continues. The sentiment across the crypto market is low, with most coins seeing losses. The MACD and RSI indicators suggest a bearish momentum, indicating that sellers hold the advantage. Buyers may remain on the sidelines until the key support level is reached.
Ripple closed the week with a 4% loss after its rally came to an end. Bulls struggled to maintain momentum, leading to a rejection at 65 cents. Sellers are expected to target the key support at 54 cents, where buyers could step in to prevent further decline. Despite a strong performance in July, XRP’s growth was halted at the beginning of August. However, there is a possibility for buyers to regain control of the price action later in the month and aim for a new rally towards the resistance at 68 cents.
ADA experienced a 6% loss this week as buyers disappeared from the market. The price reached a key support level at 37 cents, where a brief bounce occurred. However, the bearish trend persists, and Cardano must defend against further selling pressure at this support level. Failure to do so could lead to a correction towards 31 cents, signaling weakness in the market. ADA’s future outlook depends on the overall market sentiment, with a reversal in the current correction needed for a positive price movement.
In contrast to other altcoins, Binance Coin managed to set a new all-time high this year. Despite closing the week with a 1% loss, the price consolidation is considered normal after a strong rally in June. As long as BNB remains above $500, buyers are in a favorable position. The current resistance stands at $700, with a potential milestone at $1,000 if bulls manage to break through. BNB’s strength in the market could lead to significant gains if the overall market recovers.
Shiba Inu saw a 7% loss this week, bringing the price closer to a key support level at $0.000014. The expectation is for buyers to intervene at this support level and attempt a reversal towards the key resistance at $0.000018. As a meme coin, SHIB has faced challenges following a decline in interest since late March. The hope is that a market recovery later this year will spark renewed interest, including in meme coins like SHIB.
The crypto market faced significant turbulence this week, with major cryptocurrencies experiencing losses amidst overall bearish sentiment. While some coins showed resilience and potential for future gains, others struggled to maintain bullish momentum. The coming weeks will be crucial in determining the direction of the cryptocurrency market and whether buyers can regain control to drive prices higher.
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