Weekly Insights: ETH, XRP, BNB, TON, and SHIB Market Analysis

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

Ethereum (ETH)

Ethereum experienced a week of volatility, but its price remained stable, ending with a 1% gain. Buyers successfully defended the cryptocurrency at the $2,400 support level, which still holds at the time of writing.

It is crucial for ETH to maintain its support; failure to do so would allow sellers to dominate the price action and target $2,000 next. Such a decline is likely to push most altcoins further into the red.

Looking forward, the market exhibits indecision and reluctance, which is why it is currently moving sideways. Ethereum’s price action also mirrors this uncertainty. Ideally, ETH will aim for a higher high above $2,800 in the upcoming weeks to allow buyers to regain full control.

Ripple (XRP)

XRP concluded the week with minimal volatility, resulting in a 2% price increase. However, buyers were unable to overcome the significant resistance at $0.54 and convert it into support.

Conversely, sellers also failed to push the price below 50 cents, creating a stalemate on the chart since late September. This has resulted in flat momentum with little volatility.

Looking ahead, this balance between market forces is bound to break, leading to a major movement for XRP. While predicting the exact timing is challenging, a crucial marker will be the $0.54 level. A breakout above this level favors the bulls, while a decline below it gives bears the upper hand.

Interestingly, Binance Coin has maintained a flat trend since July, showing a resemblance to Bitcoin. The price has also halted its decline, making no lower lows since August, which is unusual compared to other altcoins that have experienced more significant declines during this period.

This is why BNB closed the week with a 2% price increase and shows potential for higher highs. Buyers appear keen whenever the price dips below $550, successfully countering any strong selling pressure.

Looking ahead, this cryptocurrency may attempt to push above $600 once more. A successful conversion of this level to key support could set BNB up for a challenge against its current all-time high of $720.

Toncoin (TON)

Since June, Toncoin has followed a downward trajectory. Recently, it faced resistance at $5.9, leading to a 3% loss for the week. As of now, TON is resting on the key support at $5.2 and shows potential signs of reversal.

Ideally, the price action will establish a higher low at $5.2 and strive to surpass the key resistance to achieve a higher high—this illustrates a bullish scenario. Conversely, a drop below $5.2 would grant bears dominance and likely retrace to the lows of September, where TON fell to $4.5.

In the near future, Toncoin has a genuine opportunity to halt the downtrend that began in June and recover from recent losses. Pay close attention to the $5.2 support, as it will be pivotal for the cryptocurrency’s forthcoming movement.

Shiba Inu (SHIB)

Following a period of uncertainty, SHIB managed to finish the week positively, with a 1% price rise. This follows the price’s consolidation around $0.000016, after a significant pullback from the key resistance at $0.000020.

If buyers can maintain the price at this level, they could initiate a new rally in the following week to challenge the resistance once more. The key support is located at $0.000014, which has yet to be tested, indicating strong buyer interest in this meme coin, showcasing resilience.

Looking ahead, Shiba Inu is well-positioned to leverage ongoing trends in the cryptocurrency space, particularly as meme coins take center stage.