TL;DR
- ETH closes with a 2% loss, struggling to hold $3,800 and with key support at $3,345.
- ADA sets a new low and drops 5%, remaining bearish as long as it stays below the $0.64 resistance.
- XRP and HYPE defy the trend with gains of 2% and 15% respectively, though they face key resistances.
The cryptocurrency market closes the week with mixed sentiment. However, crypto market weakness remains the dominant trend, punishing risk-taking throughout October. While most major altcoins are recording losses or consolidating, some assets show signs of relative strength, although selling pressure remains high at key resistance levels.
Ethereum (ETH) exemplifies this struggle, closing the week with a 2% loss after failing to hold above the psychological level of $4,000. At the time of this report, ETH is trading around $3,800. Although buyers have historically defended levels below $4,000 strongly, the current trend is bearish. If sellers maintain control, the next fundamental support is found at $3,345. Ethereum needs to halt this correction soon if it hopes to reach new highs before the end of the year.
Analysis of Major Altcoins
In a similar situation, Binance Coin (BNB) fell by 4% but remains firmly anchored in a consolidation range between $1,000 and $1,200. Volatility has decreased as the asset awaits a clear direction. A break above $1,200 is necessary for a bullish continuation, while a drop below $1,000 could lead BNB to seek support at $950 and $900.
Cardano (ADA) fared the worst, setting a new recent low and closing the week with a 5% drop. Buyers are trying to defend the $0.60 support, but the trend remains clearly bearish. A break of this level would lead ADA towards $0.54. The crypto market weakness is evident in ADA, as buyers are shy and the $0.64 resistance strongly rejected a breakout attempt on Monday.
On the other hand, XRP and HYPE defied the trend. XRP managed to close with a 2% gain after finding solid support at $2.4, despite failing in its attempt to break the $2.7 resistance. The daily MACD remains bullish, suggesting there could be another breakout attempt. Meanwhile, HYPE stood out with a 15% relief rally, although it was stopped at the $50 resistance. With strong support at $43 and $39, HYPE maintains bullish momentum, but its success will depend on an improvement in overall market sentiment.
