Ethereum (ETH)
In the face of global stock market volatility, the crypto market has also seen its share of ups and downs, with Ethereum unable to break free from its downward spiral, ending the week with a 3% decline. Despite efforts by investors to lift it, the price failed to claw back to its earlier support of $3,300, setting a new barrier.
Now trading at $2,800, Ethereum might just challenge this level with a bearish market. The crypto landscape as a whole has turned sour, as indicated by the general loss across various assets during this update.
Looking forward, the market continues to show negative signs, as the MACD and RSI charts suggest. Buyers currently dominate the market, making it unlikely to see a resurgence until the price surpasses its key support.
(ADA)
This week, ADA took a hit of 6%, following a pullback by investors. It was unable to reverse its decline and settled around 37 cents, briefly spiking at this level but falling back into bear market territory.
To avoid further seller pressure, ADA needs to act swiftly to dodge losses at its key support. Failing to do so, the anticipated price target could be 31 cents, which could suggest a prolonged weakness, hitting a low mark in 2024.
Looking ahead, ADA is in a precarious situation, and its fate depends on whether the wider market can halt its current downward trend. Without this, the path for a positive price movement seems uncertain.
Binance Coin is one of the rare success stories among alternative coins, breaking new record highs this year. This is notable given the challenging times many other coins have encountered in their quest to attain new milestones.
The price ended the week down by 1%, marking a phase of consolidation following a strong rally in June. As long as the price remains above $500, investors still hold the advantage. The market's resistance is at $700.
Looking ahead, BNB finds itself in a more favorable light should the market show signs of a recovery in later parts of the year. Should investors manage to surpass the current resistance, the next significant target could be $1,000.
SHIB sustained its downturn this week, ending with a loss of 7%, bringing it closer to the key support at $0.000014. This level was last tested in early July.
The outlook suggests that at the key support, there will be a push from buyers to reverse the downward trend. The next goal will be the key resistance at $0.000018. Until then, the market's direction remains uncertain.
Meme coins such as SHIB have faced a turbulent period since the initial market excitement in late March. There's optimism that the market might revive later this year, sparking renewed interest in these meme coins.
