ETH, XRP, ADA, BNB and DOGE
This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Dogecoin
In the past week, Ethereum has failed to move above the key resistance at $1,365. Since then, bears took over, which resulted in a loss of around 5.2%. With this latest rejection, the bias has turned negative.
The next levels of support are $1,100 and $1,000. In the past, buyers always came back in force at these prices. What is concerning is that the current market structure is bearish with lower highs, and this could eventually lead to a lower low.
Looking ahead, ETH has the difficult task of stopping the current downtrend. While in the past, buyers managed to defend well the current support levels, sellers may no longer be satisfied at $1,000. This is why, in the future, they could attempt to push the price into the three digits territory.
XRP also had a difficult week where the price fell by 7.4%. This took its price back on the key support at $0.36. Ideally, the correction ends here, but buyers appear weak, and the overall market is turning red into the weekend.
With the decreasing volume and a falling price, the outlook for Ripple is bearish. If this correction does not end soon, then sellers could push the price all the way down to the next level of support found at $0.30.
The major hope at this point is for XRP to make a higher low and attempt a recovery into the new year.
This week, Cardano made a new low for 2022 and closed the past seven days with a 9% loss. Compared to its all-time high from September 2021, when ADA reached $3, the cryptocurrency has now corrected by over 90% and is under 30 cents.
The current support is found at $0.28, and sellers do not appear anywhere close to ending their assault. On the contrary, this lower low may have encouraged them to continue putting pressure on the price in the near future. Buyers may attempt to stop this downtrend, but their chances of success appear slim at this time.
The long-term outlook for ADA remains bearish, and if we zoom out to the weekly chart, ADA might also decline towards 17 and 15 cents which should provide good support. The reason for this is that between 28 cents and 17 cents, there is very little support based on the historical price action.
Binance Coin (BNB)
In line with the overall market, Binance Coin also broke below its long-time support at $260, falling by 13.3% in the past seven days. This bearish price action can also be explained by the exacerbated pressure on the exchange, which materialized in over $8 billion worth of daily withdrawals, processed successfully.
This latest breakdown puts BNB in a clear downtrend, and the price has found some relief close to the $245 support level. Despite this, sellers continue to dominate, and the MACD histogram shows a clear bearish momentum that is increasing.
Should buyers fail to return to BNB, then the price could fall back to $200, which is a key support level where buyers managed to reverse the downtrend in the past.
This week, Dogecoin did not manage to stop the downtrend after confirming a lower high at 11 cents. Worst still, the selling momentum intensified, which made it lose almost 16% of its value in the past seven days. This makes DOGE the worst performer on our list this week.
With six daily candles closing in red in the past seven days, Dogecoin is in a difficult position. The current support is found at 7 cents, where buyers managed to stop the downtrend the last time this level was tested. However, this time around, things may be different.
Looking ahead, DOGE may continue to fall lower and even break below 7 cents. That would erase most of its gains from late October and place it into a longer correction.
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