Crypto Price Analysis July-26: ETH, XRP, ADA, BNB, and SHIB

4 months ago 1

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This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Shiba Inu.

Ethereum (ETH)

Despite the fact that several Ethereum ETFs went live this week, the price had a different take on this historic event. It fell by over 10%, turning the ETF launch into a sell-the-news moment.

The recent price drop also saw the support level at $3,300 turn into a resistance. If buyers don’t reclaim that level soon, then sellers may be encouraged to take ETH all the way to $2,800.

Looking ahead, the ETF has made the price quite volatile, and it may take some time before ETH returns on an uptrend. Grayscale, one of the largest ETH ETFs, is a net seller at the time of this post. As long as this continues, it is unlikely for ETH to make sustained gains.

Ripple (XRP)

XRP continues to look healthy on the weekly chart and closed with an 8.7% price increase. This is a great performance, which gives hope that the resistance at 68 cents could be tested in the future.

The momentum remains bullish, but buying volume has been declining lately, which is a sign of weakness. Hopefully, buyers can return soon with conviction.

Looking ahead, XRP has a good shot at moving higher. Should a pullback start, the support at 54 cents has a good chance of stopping sellers.

Cardano (ADA)

As soon as ADA reached the key resistance at 46 cents, sellers immediately jumped on it to take the price lower. This is why this cryptocurrency closed the week with a 2.5% loss.

Cardano was not so fortunate like XRP and mirrored the price action of Ethereum. This recent drop in the price nearly reached the key support at 37 cents before buyers returned.

Looking ahead, ADA has a difficult road ahead, and this latest price action does not inspire confidence. To change that, bulls have to break above 46 cents.

Binance Coin (BNB)

After BNB made a new all-time high (ATH), the price entered a deep correction and bounced from the $500 level. Buyers’ appetite returned there, allowing this cryptocurrency to close the week with a 1% price increase.

The current resistance and ATH is at $721. Should bulls return in force, then this will be their main target in the coming months.

Looking ahead, BNB appears to be consolidating between the key levels before a more decisive move starts to develop.

Shiba Inu (SHIB)

SHIB continues to struggle around the $0.000018 level and closed the week with a 5% loss. This price action is similar to Cardano and shows some indecisiveness from buyers.

On the weekly timeframe, the momentum indicators such as the MACD remain bearish. Nevertheless, this meme coin has an opportunity to stop this downtrend and form a base for higher levels later.

Once buyers reclaim $0.000018 as support, SHIB can hope for a sustained recovery towards $0.000025 which would become the next key target.