๐ Crypto Price Analysis for August 9: ETH, XRP, ADA,and BNB๐
๐ This week, we take a deep dive into the performance of Ethereum (ETH), Ripple (XRP), Cardano (ADA), and Binance Coin (BNB). Letโs see how these major cryptocurrencies fared!
๐ Ethereum (ETH)
Ethereum had a tough week, closing with a **15% loss** despite some late-week recovery efforts. The current support is at $2,400, and resistance lies at $2,800. Bulls need to break through $2,800 to regain control, but ETH is still fighting against a strong downtrend. The good news? Thereโs hope that the bottom may have been reached on Monday, but only time will tell.
๐ Ripple (XRP)
XRP stands out as one of the few altcoins that managed to **close in the green** this week, thanks to a favorable settlement with the SEC. With a **5.6% gain**, XRP is back to pre-crash levels, a rare sight in this market. If XRP can consolidate its recent gains, it could challenge the resistance at $0.68 next. Its rapid recovery has caught the eye of investors, potentially fueling further bullish momentum.
๐ Cardano (ADA)
Cardano wasnโt as fortunate, closing the week with a **10% loss**. However, ADA did manage to bounce off the support at 31 cents. If the relief rally continues, we might see ADA touch the 37 cents resistance. Unfortunately, the trend remains bearish, and ADA has yet to reverse it. The price needs to break above 46 cents to signal a higher high and a potential trend reversal.
๐ช Binance Coin (BNB)
BNB faced significant pressure during the Monday crash, losing support at $500 and ending the week with a **10% loss**. However, BNB has clawed back to reclaim the $500 level. The key now is for buyers to maintain this level to keep the upper hand. BNB remains vulnerable, and itโs critical for the price not to fall below $500 again, or bears could pounce.
