cryptopotato.com
This Friday, we examine Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid in greater detail.
Ethereum ($ETH)
Ethereum closes the week in red with a 2% loss after it struggled to hold above $4,000. If sellers continue to maintain the pressure, then the asset could drop to the key support at $3,345. At the time of this post, $ETH is found at around $3,800.
The price action is currently in a downtrend, but in the past, buyers always came in strong whenever the asset fell under $4,000. Since the weekly candle is not closed yet, there is still a chance bulls will return over the weekend.
Looking ahead, Ethereum must stop the correction soon if it wants to have a chance at new highs before the end of the year. Hopefully, November will see a reversal and renewed uptrend.
Ripple ($XRP)
$XRP tried to break above the $2.7 resistance this week, but failed and fell lower. Nevertheless, buyers came in strong at the $2.4 support level, which allowed it to close the week 2% higher.
The sell volume has dominated the chart since the October 10th crash, and any relief rallies were short-lived. Still, bulls managed to make higher lows, which indicates sellers appear exhausted.
Looking ahead, the daily MACD remains bullish despite this most recent pullback. If buyers manage to maintain this, then $XRP may have another chance at breaking the $2.7 resistance.
Cardano ($ADA)
Unfortunately for $ADA, its price made a lower low most recently. This is also why it closed the week with a 5% loss. At the time of this post, buyers are doing their best to keep this cryptocurrency above the $0.60 support.
If that support falls, then buyers will most likely retreat to $0.54, where the next major level is found. The current resistance is at $0.64, where sellers were quick to reject a breakout attempt on Monday.
Looking ahead, $ADA remains bearish, and buyers are still shy at these price levels. This is why this downtrend could continue until market participants become interested again.
Binance Coin ($BNB)
Binance Coin fell by 4% this week, but remains firmly placed in a range between $1,000 and $1,200. So long as it remains in this range, volatility will decrease as buyers and sellers decide on their next steps.
A clear breakout is needed beyond $1,200 if bulls hope to take $BNB higher. A breakdown under 1,000 would be bearish and see the asset revisit $950 and $900.
Looking ahead, the overall market remains choppy, and risk-taking has been punished in October. Therefore, Binance Coin may need more time until it breaks away from its range.
Hype ($HYPE)
$HYPE had a very strong relief rally that allowed its price to increase by 15% in a market that was mostly red this week. Still, sellers returned at $50 and stopped the rally, pushing the price into a pullback.
This cryptocurrency has strong support at $43 and $39, should selling intensify later. At the time of this post, $HYPE is found at around $45.
Looking ahead, $HYPE’s momentum remains bullish, but it needs to break above $50 to sustain it. The first attempt at a breakout was rejected, but buyers could try again soon. Any success is also dependent on the overall market.
