Ethereum (ETH)
Ethereum found support this week after the price bounced off the $2,870 level and closed with a 10% gain. If this upswing continues, ETH could test resistance at $3,300 going forward.
At the time of this post, the price is above $3,000, indicating a sustainable recovery, at least until the current resistance is tested.
Looking ahead, the overall sentiment remains bearish even though the price is currently in a relief rally. If buyers want to regain control of the price action, they need to break above $3,300 and convert that level into support.
Ripple (XRP)
This week, XRP price rose 14% and confirmed $2 as support. This encouraged buyers who seem to be returning. However, they will face resistance at $2.4, where sellers may wait.
To be confident of a reversal, the price must reach a higher high and a higher low. That starts with XRP moving above the $2.4 resistance. Until then, the bears remain in the driver’s seat.
Looking ahead, this cryptocurrency is down 50% from its all-time high of $3.6. After such a significant price drop, a relief rally is likely, even if it will not reverse the current downtrend. The reaction to the $2.4 resistance will likely determine where XRP goes next.
Cardano (ADA)
ADA closed this week with a modest gain of 3%. This comes after the price found support at 40 cents. Hopefully this level will hold to prevent sellers from lowering it in the future.
Considering that other altcoins like XRP or ETH posted double-digit gains this week, this weak performance from Cardano is concerning and could signal that buyers remain hesitant here.
Looking ahead, this cryptocurrency must do everything it can to stay above the 40 cent support. Losing that level would only further embolden sellers, who will then aim for 30 cents. The current resistance is at $0.50.
Binance Coin (BNB)
Binance Coin is up 6% on the weekly chart, but has failed to break the $900 resistance. Therefore, sellers could try to push it lower towards the $800 support.
Downside momentum continues to dominate price action, and BNB may fall further before buyers return. A good area of interest is between $800 and $690, which could serve as a pivot point to reverse this downtrend.
Looking ahead, Binance Coin needs support to prevent sellers from lowering the price. Once that is confirmed, buying momentum could increase to push this cryptocurrency higher again.
Hype (HYPE)
HYPE tried to break the resistance at $35 but failed. This is why the stock closed just 1% higher this week. Because of this weakness, the price could fall lower later.
The main support level is at $30. This held up well during the last test on November 22. However, if the resistance at $35 is not broken soon, sellers could push HYPE back towards the key support.
Looking ahead, HYPE remains in a clear downtrend with lower lows. Until this changes, sellers have the upper hand and can apply more pressure if buyers don’t show up here.
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