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It has been a terribly difficult two weeks for the altcoins, and the situation does not seem to have improved. Nobody's price is safe, including Ethereum (ETH), ADA, XRP, XLM and BNB.
Ethereum (ETH) Daily Chart
ETH 0 0 remains in a difficult position, and so far there is no silver coating since the ETH price is now at a minimum of 9 months after 18 days of publication of the lower lows the daily chart. The daily RSI fell below 20 and could drop a bit more as in April when it fell to 16.
Since ETH is typically hinged at the BTC price 0 0 could also be good to keep an eye on the RSC of BTC. The BTC RSI is not as oversold as that of ETH, which means that ETH could fall further.
As mentioned earlier, ETH has encountered strong resistance to general moving averages and, with the exception of a high breakout volume, ETH is likely to be blocked at this point. Considering the state of RSI means that oversold rebound is needed, but there are many resistance levels to be overcome for ETH.
Cardano Daily Chart (ADA)
The daily chart shows a complete retracement of the recent highs ($ 0.1978) and the former supports now work as resistance. In the event of a turnaround, ADA 0 0 will struggle to gain over $ 0.1222 which also aligns with the 23.6% Fib retracement level. For now, the bears have full control with the next target of $ 0.079, a price not seen from December 8, 2017.
XRP Daily Chart
XRP 0 0 published lower peaks for about 13 days and the volume decreased significantly, until an interruption in sales volume yesterday lost XRP below support 0.42. $ 0.228 is the next support, while $ 0.309 is the resistance.
Yesterday, the XRP seemed to consolidate itself in preparation for a move that today turned out to be bearish. A decline of less than $ 0.28 would place XRP in territory not seen from autumn 2017.
XLM Daily Chart
Stellar Lumens 0 0 remains one of the few altcoins who has published impressive gains lately. This is probably related to the alleged Facebook meeting / partnership. XLM has cooled since the highs at the end of July close to $ 0.35, and last week was able to rebound from $ 0.19. At the time of writing, it is currently trading between 20 and 50 days MA as the 20 seems set to exceed 50 in the near future.
XLM withdrew from $ 0.25 today while the Stoch became oversold. It seems that the pullback of XLM is connected to the general crisis of cryptocurrency prices today. XLM is likely to meet resistance at $ 0.26 and support is $ 0.21 and $ 0.19.
Daily chart Binance Coin (BNB)
BNB 0 0 has fallen to a new minimum not seen since 30 March and, like other cryptocurrencies, Stoch and RSI are deeply oversold and are sunk to levels not seen since mid-March. BNB feels below a crucial support at $ 12.05 which aligns with the 38.2% Fib retracement level.
The MA of 20 and 50 days remains below the 100 MA, suggesting a further decline as the path of least resistance. As an exchange token on the world's largest cryptocurrency exchange in terms of volume, BNB generally behaves well during rallies and corrections. We expect the token to be one of the first to recover from the moment the market starts to recover for the current withdrawal.
$ 12.05 previously was a strong support and $ 12.05 – $ 12.47 could now work as a resistance. After this area, BNB may have difficulty gaining over $ 13.00.
[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by BITFINEX. The charts for analysis are provided by TradingView.]
Where do you think Altcoin prices will go this week? Let us know in the comments below!
Images courtesy of Shutterstock, Tradingview.com
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