This week we take a closer look at Ethereum, Ripple, Cardano, Binance Coin and Dogecoin.
Over the past week, Ethereum has failed to break out of the key resistance at $1,365. Since then, the bears have prevailed, with a loss of around 5.2%. This latest rejection made the bias negative.
The next support levels are $1,100 and $1,000. In the past, buyers have always had power at these prices. The concern is that the current market structure is bearish and low highs, which may eventually lead to lows.
Looking ahead, ETH has a difficult task of stopping the current downtrend. In the past, the buyer has successfully defended the current support level, but the seller may no longer be happy with his $1,000. This is why we may try to push the price into his triple-digit territory in the future.
XRP also had a tough week with its price down 7.4%. This has pushed the price back at the $0.36 key support. Ideally the correction ends here, but buyers look weak and the whole market is in the red over the weekend.
The outlook for Ripple is bearish due to lower volumes and falling prices. If this correction doesn’t end soon, the seller could push the price down to his next level support of $0.30.
Our main hope at the moment is for XRP to hit new lows and attempt a recovery heading into the new year.
Cardano hit new lows for 2022 this week, closing with a 9% loss over the past seven days. Compared to September 2021’s all-time high when ADA reached $3, the cryptocurrency is now corrected by more than 90%, below 30 cents.
With current support at $0.28, sellers are unlikely to end the assault. On the contrary, the low may have encouraged continued pressure on prices in the near term. .
The long-term outlook for ADA remains bearish and if we zoom out to the weekly chart, ADA could also drop towards 17 and 15 cents, which should provide good support. The reason is that there is little historical support between 28c and 17c.
Binance Coin (BNB)
Similar to the market as a whole, Binance Coin has fallen 13.3% over the past seven days, breaking below the long-standing support of $260. This bearish price action can also be explained by increased pressure on exchanges. This was achieved by successfully processing over $8 billion worth of withdrawals each day.
This latest breakdown puts BNB in a clear downtrend, with the price easing somewhat as it approaches the $245 support level. Nevertheless, sellers continue to dominate and the MACD histogram shows clear bearish momentum building up.
If buyers do not return to BNB, the price could drop to $200.
Dogecoin failed to break its downtrend after confirming an 11-cent low this week. To make matters worse, the selling momentum has increased, losing almost 16% of its value over the last seven days. This gave DOGE the worst finish on this week’s list.
Dogecoin is in a difficult position as six daily candles have closed in the red in the past seven days. The current support is at 7 cents and the last time this level was tested, buyers were able to stop the downtrend. However, things may be different this time.
Going forward, DOGE may continue to fall and even fall below 7 cents. If that happens, most of the gains from late October will disappear and we will enter a longer correction.
Binance Free $100 (Exclusive): Get $100 free and 10% off fees in your first month of Binance Futures when you register using this link (Clause).
PrimeXBT Special Offer: Register using this link and enter the POTATO50 code to receive up to $7,000 on your deposit.
Disclaimer: The information posted on CryptoPotato is that of the author cited. It does not represent the opinion of CryptoPotato on whether to buy, sell or retain any investment. We encourage you to do your own research before making any investment decision. Use the information provided at your own risk. See our disclaimer for more information.
Cryptocurrency charts by TradingView.