This week in the cryptocurrency market, Ethereum (ETH) experienced a significant drop of 8.6%, with most of the loss occurring in a short span of time. The price dipped below $200, but managed to find support at $1,660. While it is still uncertain whether bears will continue to attack or if this support will hold, Ethereum’s overall momentum may turn bearish for the rest of the month. However, if the support level remains intact, there is hope for a recovery.
Ripple (XRP) had a tough week, losing 19.7% and erasing all the gains made in mid-July. Falling below the key psychological level of 50 cents, XRP holders are undoubtedly disappointed. Although there is support at 47 cents, it is important to approach any support in this volatile market with caution. Resistance is currently at 56 cents, but it remains to be seen if XRP can hold above 50 cents.
Cardano (ADA) also faced a loss of 11% this week. The price found support at 25 cents, attracting buyers. However, given the bearish momentum, it would be surprising if buyers manage to test the resistance at 28 cents. ADA holders should brace themselves for another test of the key support before any relief rally can occur. Sellers still have a say in the current market.
Shiba Inu (SHIB) experienced a significant drop of 16.4% this week, resetting the price to July levels. The current support stands at $0.0000078, but sellers could return if bulls attempt to push the price to $0.0000090, where the resistance lies. SHIB must strive to stop the downtrend and consolidate above the key support to avoid further losses.
Solana (SOL) faced a 10.2% drop this week, signaling a bearish trend. The current support is at $20, with resistance at $22. If the bearish momentum continues, another test of $20 is likely. SOL is currently in a deep correction after a remarkable rally in June and July. Holding above $20 could bring back optimism for the cryptocurrency.
In conclusion, this week has been challenging for Ethereum, Ripple, Cardano, Shiba Inu, and Solana. While some cryptocurrencies have found support levels, the overall market sentiment remains uncertain. Traders and investors should closely monitor these cryptocurrencies to gauge their future performance.
