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.
