This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Polygon.
Ethereum had a very strong rally in the past seven days, increasing by 19.4%. This makes it the best performer on our list this week. Such volatility has not been seen since September and signals a possible reversal in the downtrend. If ETH manages to make a higher high in the coming weeks, then that would confirm the reversal.
The price is currently found just below the key resistance at $1,575, and ETH entered a shallow pullback just after touching this level. If buyers manage to maintain the bullish momentum, they could break above and bring ETH to the next key resistance at $1,725.
Looking ahead, the cryptocurrency has good support at $1,400, and this latest price action has turned the chart bullish. The only question is if bulls will have the strength to make a higher high compared to September when the price reached almost $1,800. Failure to do so may lead ETH back into a downtrend.
Ripple managed to find good support at $0.44, which has prevented the price from falling lower in the past week. In the process, it also booked a modest 3.6% price increase in the past seven days. The biggest challenge in the coming week is to hold at this level and attempt to move higher again.
The key resistance remains at $0.55, and XRP had an attempt to break this level in early October, but the price was quickly pushed back by the bears. For this reason, any future rally may face strong resistance at this level.
Looking ahead, XRP’s consolidation may soon come to an end, and buyers could regain full control of the price action. The indicators appear keen to curve up again, and next week will be decisive for where XRP will go next. Should this cryptocurrency fail to rally, then the next level of support is found at $0.38.
This week, Cardano impressed the market with a very strong rally and also increased by 14.4% in the past seven days. This quick ascent of the price was stopped at the $0.42 resistance, which so far has managed to put a break on this rally. If buyers cannot move the price higher soon, then bears may take advantage of this weakness.
The current support is found at $0.38, and ADA could use this level as a pivot to break the key resistance at $0.42. So far, it is too early to know if this support will hold, but the bulls have the advantage after a very strong last week.
ADA really needed this boost of confidence after a very difficult month where the price lost over 20%. This recovery was a welcome change in the price action, and buyers must do everything in their power to keep this momentum into November.
Binance Coin (BNB)
With the market turning bullish, Binance Coin also had a good week, booking an 8.9% price increase in the past seven days. Now, bulls are eyeing the key resistance at $300, which has proved a difficult level to break in the past as the price was rejected there twice so far since September.
The support remains at $260 and has done a good job of stopping sellers. With the momentum clearly favoring buyers at this time, BNB appears ready to test the key resistance in the coming week. If this cryptocurrency manages to break above $300, then the next key level to watch is $330.
Looking ahead, BNB appears to approach the end of a long consolidation period that started in September and may end in November, with a possible break above $300. This would turn the bias quite bullish and allow buyers to be in full control of the price action.
Polygon has been found in a flat trend since August, but bullish momentum has picked up recently. The price is now approaching the key resistance at $1 after booking a 14% price increase in the past seven days. Should MATIC manage to break above $1, then this long consolidation period will end.
The key support is found at $0.86, and so far, buyers have managed to maintain the price in a steep uptrend. At this rate, a test of the key resistance may come in early November. Back in August, bears managed to reject the price at this level, but a retest there could be interpreted as a bullish event.
Looking ahead, MATIC had a good month in October, considering its price increased by over 20%. If this positive momentum can be maintained in November, then this cryptocurrency may enter a sustained uptrend that could take it to $1.3, which will be the next target.
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Cryptocurrency charts by TradingView.