In this week’s review, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid, analyzing their recent price movements and market trends.
Ethereum (ETH)
Ethereum faced a notable setback after being turned away at the $4,800 mark, resulting in a significant pullback over the last two weeks. Consequently, the week’s trading concluded with a 7% decrease. This decline, however, aligns with expectations following a breakout from the $4,000 level.
Currently, the price remains well above the crucial $4,000 support, and this retest of the breakout point could provide the momentum ETH needs to challenge its previous all-time high of $4,868.
Looking ahead, it seems Ethereum traders are eager to attempt another break through this resistance, possibly by late August or early September. A successful breakout could lead ETH into price discovery mode, with targets set at $6,000 and $7,000.
Ripple (XRP)
Ripple has fallen below its $3 support level, marking a bearish trend that led to a 9% loss this week. Buyers are now positioned around the $2.7 support level.
With increasing selling pressure, XRP may test the $2.7 support shortly. It’s critical for XRP to maintain this level; a breach could pave the way for further declines towards $2.5.
In the coming days, the downtrend appears to be gaining strength, as indicated by the recent bearish crossover on the 3-day MACD. This suggests that lower price points may be on the horizon unless buyers step in to halt the slide.
Cardano (ADA)
Cardano made an attempt to reclaim the $1 level but only managed to hold above it for less than a day. Currently, ADA is trading below $0.90.
While this pullback is within normal parameters, it may be difficult for ADA to rise above $1 again if the broader market continues to trend downwards. The immediate support is at $0.77, and ADA buyers still have the upper hand, as evidenced by the higher highs and lows on its chart.
In the future, Cardano appears better positioned for an upward trend compared to XRP. Its 3-day MACD remains bullish, with buying volume displaying higher peaks. Ideally, ADA will secure $1 as support, paving the way for higher targets around $1.3.
Binance Coin (BNB)
Binance Coin has emerged as a standout performer this week, achieving a new all-time high of $883 recently. However, it has since entered a pullback, returning to levels similar to the previous week.
The current support stands at $830, which has been tested and confirmed multiple times. If this level faces renewed pressure, it could signal weakness, as sellers may become more aggressive.
Going forward, BNB must maintain this support to sustain the momentum from its recent rally. Failure to do so could lead to a more significant correction, although the chart remains bullish as long as prices stay above $800.
Hype (HYPE)
HYPE has been facing challenges since early July, struggling to break above the $50 mark. Recently, buyers made another attempt to surpass this key psychological level in mid-August but were met with rejection, resulting in a 17% loss for the week.
As of now, the price hovers around $41, with the chart formation suggesting a double top pattern. If selling pressures increase, the asset has solid support at $39 and $37.
In the future, should HYPE lose the $37 support, it may decline towards $30, which would conclude its uptrend and compel buyers to seek a new support level to recover from, likely around $30 or $27.
This analysis of cryptocurrency prices for August 2022 has been brought to you by CryptoPotato.
