It's been a wild ride in crypto this past week. The price swings have been extreme, with many coins recovering slightly but the market still feeling like it hasn't completely shaken off Monday's crash. With Ethereum, Ripple, Cardano, Binance Coin, and Solana holding their struggles, it's been bad times for people keeping an eye on their portfolios.
Ethereum chalked up a poor opening to this past week, with its price having plunged and finished off the week with a 15% loss. Surely, it did recover a little bit, still, somehow, it feels like Ethereum stays in a bit of a bind. The $2,400 support held, and $2,800 became solid resistance. If the buyers can't push past that, I'm not sure how much improvement we will ever get. The question hammering my mind is if this is the bottom or there are more drops to come.
On the other hand, Ripple has been one of the few bright spots. Thanks to the settlement with the SEC, XRP managed to close out the week up 5.6%. Given the broader market context, that's quite impressive.
It is not easy that XRP climbs back up to its pre-crash levels. The next obstacle, if the momentum keeps going on, would be at a resistance of $0.68. Assuming Ripple could push through, it would likely gain more attention and strengthen itself. It is very reassuring, relatively speaking, that XRP bounces back this fast compared to other altcoins like Solana.
Speaking of Solana, it made a spectacular comeback this week after an equally spectacular crash. That Solana only closed out the week with a 1.7% loss when things looked really bad on Monday, to be honest is amazing. The price was closer to $110 earlier in the week and recovered well to just under $160. However, that resistance at $163 looks like a bit of a sticker. If buyers can't push through, there's a risk that Solana could fall back again. If they succeed, though, $200 could be the next target. This bounce was nothing short of impressive for this coin, but maintenance is a different story altogether.
Cardano did not turn in a good performance either. The ADA closed the week with a 10% loss right after the crash. Although the price bounced off support at 31 cents, which offers some solace, it is clearly still trending downwards. The price will reverse this downtrend if it can get above 46 cents. Cardano firmly remains in a tough spot, and one cannot really say whether the worst is over. The decline brought the price to levels not seen since 2023, tough for holders, in particular.
Another struggle this week was Binance Coin. The support at $500 did not hold up during the crash and closed the week down 10%. However, since Monday, BNB has recovered to reclaim that significant level of $500. For the buyers, staying above this level is very crucial if they are to keep the upper hand.
However, with the price making a lower low, bears might keep the pressure on. If BNB breaks below $500 once more, it may indicate further downward pressure.
It has been a testing week for anyone invested in these coins.
In many ways, this volatility underlines something we all already knew: the crypto market is a very unpredictable one.
It's a space where gains can be wiped out within just a few hours, and recovery is hard-won and long-drawn. For most of us who are also watching and waiting, the next couple of days are going to prove very important.
Will Ethereum find its footing?
Can Ripple keep swathes of momentum?
Is the rally by Solana sustainable?
What about Cardano and Binance Coin, is that going to head for further losses or companywide bounce-backs?
Posted Using InLeo Alpha
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