Ethereum, Ripple, Cardano, Binance Coin, Shiba Inu: Price Analysis

This week, we take a closer look at the price action of Ethereum, Ripple, Cardano, Binance Coin, and Shiba Inu.

Top 5 crypto performers this week: XRP leads with an 8.7% gain, while SHIB drops 5%

Several major cryptocurrencies, including Bitcoin and Ethereum, experienced a downturn this week as the total market capitalization decreased. However, some coins managed to post impressive gains.

Here are the top 5 crypto performers this week, according to CoinGecko:

XRP took the lead with an 8.7% price increase, closing the week at $0.68. Despite the recent gains, XRP is still down over 70% from its all-time high.

BNB followed closely with a 1% gain, reaching a price of $620. After setting a new all-time high last week, BNB faced a correction but found support at the $500 level.

MATIC also had a good week, rising by 0.7% and trading at $2.4. After reaching new highs recently, MATIC appears to be consolidating gains.

DOGE performed better this week, rising by 0.5% and reaching a price of $0.27. After several weeks of losses, DOGE showed some resilience.

LTC completed the top 5 with a 0.3% gain, trading at $280. After setting new highs last week, LTC faced a correction but found support at the $250 level.

Now let's take a closer look at the price performance of ETH, XRP, ADA, BNB, and SHIB this week.

Ethereum (ETH) price fell by over 10%, turning the much-anticipated ETF launch into a sell-the-news moment. After the ProShares ETF went live on Monday, several major crypto exchanges saw a sell-off.

After setting a new all-time high last week, ETH faced a correction and broke below the $3,300 support, which acted as resistance this week. If buyers fail to reclaim that level soon, then sellers may be encouraged to take ETH all the way to $2,800.

Despite the recent price drop, the ETF has made the price quite volatile, and it may take some time before ETH resumes an uptrend. Grayscale, one of the largest ETH ETFs, is a net seller at the time of this post. As long as this continues, it is unlikely for ETH to make sustained gains.

Ripple (XRP) price continues to look healthy on the weekly chart and closed with an 8.7% price increase. After breaking out a descending triangle pattern two weeks ago, XRP faced resistance at 60 cents.

This week, XRP managed to break above that level and closed in on the next resistance at 68 cents. The momentum remains bullish, but buying volume has been declining lately, which is a sign of weakness. Hopefully, buyers can return soon with conviction.

Looking ahead, XRP has a good shot at moving higher. Should a pullback start, the support at 54 cents has a good chance of stopping sellers.

Cardano (ADA) price faced strong selling pressure as soon as it reached the key resistance at 46 cents. After setting a new seven-week high last week, ADA faced a correction and broke below the $0.44 support.

This week, ADA continued to drop and reached a low of $0.41 before buyers returned. Cardano was not so fortunate and mirrored the price action of Ethereum. This recent drop in the price nearly reached the key support at 37 cents before buyers returned.

Looking ahead, ADA has a difficult road ahead, and this latest price action does not inspire confidence. To change that, bulls have to break above 46 cents.

Binance Coin (BNB) price made a new all-time high last week and entered a deep correction. After dropping to the $500 support, BNB found buyers there and bounced back.

This week, BNB recovered from that support and closed with a 1% price increase. Buyers appear to be returning, which helped BNB move away from the immediate danger zone.

The current resistance and ATH is at $721. Should bulls return in force, then this will be their main target in the coming months.

Looking ahead, BNB appears to be consolidating between the key levels before a more decisive move starts to develop.

Shiba Inu (SHIB) price continues to struggle around the $0.000018 level and closed the week with a 5% loss. After dropping from the resistance at $0.000025 two weeks ago, SHIB faced an immediate support at $0.000018.

This week, SHIB attempted to break below that support but found buying pressure at $0.000017. This price action is similar to Cardano and shows some indecisiveness from buyers.

On the weekly timeframe, the momentum indicators such

The above is the detailed content of Ethereum, Ripple, Cardano, Binance Coin, Shiba Inu: Price Analysis. For more information, please follow other related articles on the PHP Chinese website!