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This week, we examine Ethereum, Ripple, Solana, Dogecoin, and Binance Coin in greater detail.
Ethereum (ETH)
Ethereum closed the week in red, and its price fell by 6%. This comes after buyers failed to move it above $2,800 on Monday. Since then, sellers have taken the initiative and dominated.
The current downtrend is quite steep and may see the price revisit the support at $2,400. This is where buyers managed to reverse the price action in the past. Until then, the momentum remains bearish, at least on lower timeframes.
Looking ahead, Ethereum appears to lag the most compared to other market leaders. Both Bitcoin and Solana, for example, have done much better this week, with SOL, in particular, booking an 11% price increase. This begs the question of why ETH continues to underperform.
Ripple (XRP)
XRP could not hold above 54 cents, and the price fell, closing the week with a 5% loss. If buyers don’t show up soon, this cryptocurrency may go to the next key support level at 48 cents. The previous level at 54 cents is now acting as resistance.
The biggest problem for XRP is the lack of volume, which has been declining since its local high in March 2024. This made any attempt at a breakout weak. Sellers were also quick to capitalize on this weakness and take over the price action every time buyers pushed XRP above 60 cents.
Looking ahead, the bias is somewhat bearish after this recent breakdown. If buyers manage to stop this downtrend at 48 cents, then XRP could return on an uptrend to face the resistance at 54 cents.
- Solana (SOL)
Solana had a fantastic week and closed with an 11% price increase. This is in sharp contrast to ETH or XRP, which struggled. The price also broke above $164, putting it in an uptrend with clear bullish momentum that may intensify based on its increasing volume.
As the price moves higher, attention to Solana is only increasing. The current target and most important level on the chart is the level at $200 which was not revisited since March 2024. If the price manages to return there, then that will be considered a sign of strength and embolden bulls.
Looking ahead, Solana broke a key level as it moved above $164. As long as the price does not fall under it, buyers have the upper hand as they eye the next key target at $200.
Dogecoin (DOGE)
Despite the recent pullback, DOGE closed the week with a 2% price increase. This comes after it managed to move above 14 cents. This level is currently being disputed as a key support, and if it holds, this meme coin will maintain its bullish momentum.
Should the 14 cents level hold, then the way is open for DOGE to continue higher towards 18 cents first and later to the key resistance at 20 cents, which will likely put a fight as sellers returned there the last time it was visited in March.
Looking ahead, Dogecoin turned bullish after it managed to break away from its downtrend that started in April. With clear higher lows and higher highs, this meme coin is well-positioned to continue higher and challenge the key resistance levels ahead.
Binance Coin (BNB)
BNB is still looking for a clear trend since its price action has been ranging in the past few months without a significant breakout. The price closed the week with a 2% loss but managed to stay close to $600, which is a key resistance level.
Without clear momentum, Binance Coin shows indecision and has failed to make new highs since its June ATH. To resume its uptrend, the price has to break above $600 and hold above it. So far, sellers have not allowed it to do so.
Looking ahead, the price still struggles to find its direction. Until a clear trend is formed, do not expect any major moves from this cryptocurrency. However, this also offers a good opportunity to accumulate BNB if you are bullish on it later.
