Ethereum
Crypto Price Analysis Nov-25, ETH, XRP and ADA, BNB and LTC
This week, we look closer at Ethereum, Ripple and Cardano, Binance Coin and Litecoin.
Ethereum (ETH)
Ethereum has failed to break the key resistance at $1,230 and has entered into a correction that appears to continue the bearish price action. ETH lost 0.8% in its valuation over the past seven days. However, sellers managed to hold the price steady.
Unfortunately for the bulls, they may have to defend ETH again at the $1,000 key support. This weakness could spell disaster for the cryptocurrency as falling to a three digit valuation will end all hope of a quick recovery from the current downtrend.
Looking ahead, Ethereum faces a challenging task as the sellers and buyers control the price action. The key support at $1,000 has to be defended since the alternative is a costly defeat. The volume continues to fall and remains firmly on the bearish side after 10 daily candles closed in red in the past 11 days.
Ripple (XRP)
XRP continues its strong performance despite market leaders like ETH and BTC struggling. It has increased 5.7% in the last seven days, which makes it stand out from other cryptocurrencies. After finding good support above $0. 30, it entered a sustained uptrend in the past three days.
The current resistance is located at $0. 45 and may put the bulls in a difficult position if they can’t break above. They continue to have momentum, but the volume is decreasing, and this could make it difficult for them to maintain their confidence in this rally. Bears can quickly profit from any weakness in the market, which remains volatile.
Looking ahead, XRP made a higher low last Wednesday, indicating a bullish trend. It is too early to celebrate until the price makes a higher high. Otherwise, the trend could quickly reverse. The bias for XRP is currently somewhat bullish, but it could change once the key resistance has been reached.
Cardano (ADA)
Unfortunately, Cardano’s price action looks very grim with consistently lower lows over the past few months. ADA lost 4.2% in seven days because the downtrend was not stopped by bulls.
The current support levels are $0. 30 and $0. 28, while the resistance is at $0. 32 and $0.34. If ADA wants to stop the downtrend, it must break these resistance levels. Alternatives include a rapid fall to lower levels.
The main concern about Cardano is that altcoins could correct by over 90% from the all-time high during a bear market. Its price could plummet further if there is low confidence in a reversal. ADA’s bias remains bearish.
Binance coin (BNB )
Binance Coin remains one of the strongest performers of this bear market, managing to maintain a price of around $300 despite repeated attempts to take it lower. Up by around 12% in the past seven days, BNB remains a leading performer.
The current support is found at $260, and the key resistance is at $300. The bulls tried to maintain the price above $300 in early November, but they could not sustain it.
Looking ahead, BNB appears to be moving in a tight range between $260 and $300. It is difficult to predict a major change in price action until one of these levels is broken. This makes the bias neutral.
Litecoin (LTC)
The best performer on our list this week is Litecoin which surprised most of the market with an unexpected 22%. LTC also broke through its ascending triangle, making them one of few cryptocurrencies that actually made it higher in this bearish environment.
If the current support at $74 is successfully retested, then Litecoin could rally higher and aim to reach a three digits valuation (>$100). However, the resistance at just under $100 will be difficult to break, and the bulls may need the overall market to be in their favor if they are to be successful.
Litecoin has demonstrated that, as a proof-of-work coin that was released in 2011, it can still capture the attention of the market and outperform more recent cryptocurrencies such as Solana (est. 2020) or Tron (est. 2018), which are much more recent. The bias towards LTC is bullish and has a positive outlook for the future.
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Cryptocurrency charts by TradingView.
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