- Major cryptocurrencies including Ethereum, Ripple, and Cardano witnessed significant declines over the past week.
- Shiba Inu and Solana weren’t spared either, with both reflecting market vulnerabilities.
Ethereum’s (ETH) Rollercoaster
Ethereum, often referred to as the blockchain’s prime innovator, faced an abrupt 8.6% dip this week, predominantly within a short window yesterday. The decline translated to a swift $200 decrement, halting only when the price approached its pivotal support at $1,660. Even as ETH maintains above this crucial threshold, the looming question is whether this will deter potential bearish attacks. The new lower low instilled by ETH might hint at a bear-dominated atmosphere for the remainder of August. Conversely, a sustained support could be a sign of the storm passing.
Ripple (XRP): A Spiraling Descent
Ripple’s trajectory was notably dismal, nullifying its mid-July gains with a stark 19.7% drop. It’s alarming to see its value plunge below the 50-cent mark, an essential psychological boundary. Given last month’s optimism fuelled by the SEC news, the current status quo is undoubtedly a bitter pill for XRP enthusiasts. Forward projections spotlight a stable support around 47 cents, but as with any tumultuous market, it’s advisable to approach such markers cautiously. The forthcoming resistance is projected around 56 cents.
Cardano (ADA) in the Bear’s Grasp
Parallel to XRP, Cardano grappled with adversities, culminating the week with an 11% shrinkage. Fortunately, a robust support surfaced at 25 cents, beckoning buyers—a detail concurred by prior ADA analytics. Yet, with a resistance at 28 cents and the persisting bearish undertone, a rebound seems distant. The imminent narrative for ADA implies potential revisits to the core support, indicative of sellers’ continued dominance.
Shiba Inu (SHIB): A Dream Deferred?
Shiba Inu’s last week can aptly be termed tumultuous, with a sizeable 16.4% devaluation reverting its value to July’s standards. This severe decline not only concludes its preceding surge but also instigates doubts about its forthcoming recovery. SHIB’s existing support resides at $0.0000078. Yet, with bears at the prowl, any upward strides towards the resistance of $0.0000090 might be contested. SHIB’s immediate objective would be curbing this decline, emphasizing stability above this critical support.
Solana (SOL): Navigating through the Downturn
Solana, despite its recent acclaim, hasn’t been immune to the market’s bearish sway. With a 10.2% dip this week, SOL mirrors the general market sentiment. Current delineations position its support and resistance at $20 and $22, outlining the bearish channel’s extremities. Given the continued bearish momentum, SOL might brace for another rendezvous with the $20 mark. Reflecting on its impressive rally between June and July, a sustenance above $20 might reignite the lost optimism.
