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This week, we examine Ethereum, Ripple, Binance Coin, Toncoin, and Shiba Inu in greater detail.
Ethereum (ETH)
While Ethereum had a volatile week, its price held well and closed it with a 1% gain. Buyers defended the cryptocurrency at the $2,400 support level, which continues to hold at the time of this post.
It is critical for ETH not to lose its support because otherwise, sellers will quickly take over the price action and aim at $2,000 next. Such a move would also push most altcoins into the red.
Looking ahead, the market still shows indecision and hesitation. This is why it is moving sideways right now. Ethereum’s price action also reflects this sentiment. Ideally, ETH will make a higher high above $2,800 in the coming weeks so that buyers resume full control.
Ripple (XRP)
XRP closed a week with very low volatility but still managed to book a 2% price increase. Nevertheless, buyers were unable to break the key resistance at $0.54 and turn it into support.
On the other hand, sellers were also unable to take the price below 50 cents, which has turned the chart into a stalemate since the end of September. This is why momentum has been flat with barely any volatility.
Looking ahead, eventually this equilibrium between market forces will break and XRP will make a major move. It is hard to predict when this will happen, but a key indicator will be the $0.54 level. Break above it and bulls take over, fall further under it and bears will be in control.
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- Binance Coin (BNB)
Interestingly, Binance Coin has been on a flat trend since July, which somewhat mirrors Bitcoin. The price also stopped making lower lows since August. This is atypical if we compare BNB to other altcoins that suffered much more in this period.
This also explains why BNB closed the week with a 2% price increase and appears to be ready for higher highs. Buyers also seem interested whenever the price falls under $550, which has so far managed to stop any strong sell pressure.
Looking ahead, this cryptocurrency may attempt to break above $600 again. If successful in turning that level into a key support, then BNB has a good shot at challenging the current all-time high at $720 next.
Toncoin (TON)
Since June, Toncoin has been in a downtrend. Most recently, the price was rejected by the resistance at $5.9, which is why the cryptocurrency closed the week with a 3% loss. At the time of this post, TON is sitting on the key support at $5.2 and shows signs of a possible reversal.
Ideally, the price action will make a higher low at $5.2 and aim to break the key resistance to make a higher high. This is the bullish scenario. A fall under $5.2 would put bears back in charge and likely revisit the lows from September when TON dropped to $4.5.
Looking ahead, Toncoin has a real chance to stop the June downtrend and recover some of the recent losses. Keep a close eye on the $5.2 support, which will be decisive for where this cryptocurrency goes next.
Shiba Inu (SHIB)
After some hesitation, SHIB managed to close the week in green with a 1% price increase. This comes as the price has been consolidating around $0.000016 and follows a sharp pullback from the key resistance at $0.000020.
If buyers manage to hold the price at this level, then they can attempt a new rally in the coming week to challenge the resistance again. The key support is found at $0.000014 and has not been tested so far. This shows buyers are interested in this meme coin, and it is a sign of strength.
Looking ahead, Shiba Inu is well-positioned to benefit from current narratives in the crypto space, where meme coins have been the main focus lately.
