Ethereum (ETH)
Ethereum is down 4% this week as the market remains bearish. The price remains above the USD 3,000 support, but buyers appear absent, which could extend the downtrend.
With sellers in control since early November, momentum indicators such as the MACD and RSI on lower time frames, including the 4-hour, appear to be oversold. There is also a bullish divergence emerging, which gives hope for an early rebound.
Looking ahead, Ethereum could bounce back to recoup some of the recent losses, but the resistance at $3,800 could stall any attempt at a significant turnaround.
Ripple (XRP)
Surprisingly, XRP is up 3% compared to the same period last week. Despite this brief bounce, momentum remains bearish and the price is struggling to stay above the $2.30 support. The current performance is largely related to the launch of the first spot XRP ETF this week.
On the plus side, sales volume has declined since October, which could indicate that the bears are getting exhausted. This allows buyers to return. The main resistance is at $2.43.
Looking ahead, XRP remains in a challenging position, but there is a real chance that buyers can reverse this trend if the support at $2.30 is effectively defended.
Cardano (ADA)
ADA remains close to 50 cents despite several attempts to move higher. The bias is bearish and the price ended the week with a loss of 3%. There is simply no force at this point to push the price higher.
Although the momentum indicators show some exhaustion on the sellers’ side, this downtrend may continue for some time until buyers return. The main support levels are found at 50 and 45 cents.
Looking ahead, ADA must break away from this downward trend. That starts by getting above 60 cents. However, this now seems a challenging task.
Binance Coin (BNB)
Binance Coin has lost its luster in recent weeks as its price continues to hit lower lows. The price has fallen 5% this week and has also lost the $1,000 support, which has now become resistance. This is bearish.
The next major support is found at $900. If that also fails, buyers could pull back towards the $800 level. With momentum favoring bears, a recovery is unlikely to happen anytime soon.
Looking ahead, it is best to let BNB correct and find some major support that can hold before considering any exposure.
Hyperfluid (HYPE)
Zooming out, HYPE has been showing lower highs since September. This puts the price action in a bearish trend with strong support around $36. However, repeated testing at this level can lead to a failure with lower lows.
At the time of this post, momentum is bearish and the price ended the week with a loss of 4%. The optimism and hype that once characterized this cryptocurrency seem to have disappeared. But this could also provide an opportunity to accumulate at a discount.
Looking ahead, HYPE needs to stay above $36 to stop the downtrend. With each failure, salespeople will be encouraged to continue their push.
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