This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Polygon.
Ethereum and XRP, along with other major altcoins, posted big gains this week.
After the crypto market began showing green numbers on Tuesday, more than $1.2 billion in short liquidations occurred in roughly 24 hours. Thus, the market emerged from the narrow price range in which it had fallen since September.
Ethereum (ETH)
Ethereum has had a very strong rally in the last seven days, rising 19.4%. This makes him the best player this week.
Looking ahead, the cryptocurrency is well supported at $1,400 and this latest price action has lifted the chart. The only question is whether the bulls will have the strength to make a higher high than the one in September; when the price reached almost $1,800. Otherwise, ETH may return to a downtrend.
Ripple (XRP)
Ripple was able to find good support at $0.44, which prevented the price from falling to the downside over the past week. The biggest challenge in the coming week is to maintain this level and try to move up again.
Looking ahead, XRP’s consolidation may soon come to an end and buyers may regain full control of the price action. The indicators seem eager to go higher again, and the next week will be decisive for the next destination of XRP. If this cryptocurrency fails to rise, the next support level is $0.38.
Cardano (ADA)
This week, Cardano impressed the market with a very strong rally, and it is also up 14.4% in the last seven days. This rapid rise in price was stopped at the $0.42 resistance, which has so far managed to stop this rally. If the buyers fail to push the price up early, the bears could take advantage of this weakness.
ADA really needed this confidence boost after a very rough month in which the price lost over 20%. This rally was a welcome change in price action and buyers should do their best to keep this momentum going into November.
Binance Coin (BNB)
With the market bullish, Binance Coin also had a good week, posting a price increase of 8.9% in the last seven days. Now, the bulls are looking for the key resistance at $300, which has proven to be a difficult level to break above in the past as the price has been rejected there twice since September.
Looking ahead, BNB appears to be nearing the end of a long period of consolidation that began in September and could end in November, with a possible break above $300. This would transform the bias quite bullish and allow buyers to have full control of price action.
Polygon (MATIC)
MATIC has been in a flat trend since August but has recently increased bullish momentum. The price is now approaching the key resistance at $1, after seeing a 14% price increase in the last seven days. If MATIC manages to break above $1, this long period of consolidation will be over.
Looking ahead, MATIC had a good month in October, considering that its price has risen over 20%. If this positive momentum can be maintained in November, then this cryptocurrency could enter a sustained uptrend that could take it to $1.3, which will be the next target.
By Audy Castaneda
