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Crypto Price Analysis August-07: ETH, XRP, ADA, BNB, and HYPE

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This Friday, we examine Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid in greater detail.

Ethereum (ETH)

This week, Ethereum continued to range without any significant volatility. This has allowed the price to consolidate under the $2,000 resistance. At the time of this post, the support at $1,800 is holding well and was recently re-confirmed.

The concern, based on this price action, is that ETH does not have the strength to break above $2,000. Any attempts in the past few weeks were rejected and sellers could speculate on an opportunity to take over.

Looking ahead, Ethereum remains in a macro downtrend, and this will only change once the price makes a higher low and high. Ideally, ETH secures $2,000 as support and aims for $2,400 next to escape the current downtrend.

eth_price_chart_0708261
Source: TradingView

Ripple (XRP)

As expected, XRP broke below its latest pennant (in blue on the chart) to re-test the key support at $1. It is critical for buyers to hold here, as otherwise, the price may end up in a nosedive.

Because sellers have the advantage at the moment, the price closed the week 4% lower. Hopefully, buyers return here to send XRP higher, but even if they try that, it could end up as a dead cat bounce.

Looking ahead, the price action remains bearish with a lower low more likely than a reversal. If $1 turns into a resistance, then XRP will have a difficult time stopping its downtrend in the future.

xrp_price_chart_0708261
Source: TradingView

Cardano (ADA)

Cardano is one of the few major altcoins closing in double-digit gains this week with an impressive 18% pump. This has allowed the price to move to $0.20 and may go all the way to $0.23, where there is major resistance.

With the current support at $0.15 secured, ADA has good momentum and buyers to sustain this uptrend. The biggest question is how sellers will react at the key resistance. Best to be patient and wait for a reaction at $0.23 first.

Looking ahead, Cardano has a major opportunity to break away from its multi-year downtrend. Moreover, this is the first time in months when the price action turned positive. However, bulls will need to turn $0.23 into support if they want to sustain this uptrend.

ada_price_chart_0708261
Source: TradingView

Binance Coin (BNB)

Binance Coin was flat this week and mirrors ETH’s price action, but in a more toned-down way. On the positive side, the price appears to hold above the support at $580. However, buyers did not push much beyond this level, which shows a lack of conviction.

Since sellers are also absent, the price was forced to move sideways and did not give any hints at a decisive direction. Best to watch closely how the $580 level is resolved before picking a side.

Looking ahead, BNB has been moving around the $600 level since the start of the year without any major breakout. While the price remains in a downtrend, this has been less aggressive lately which may hint at a possible reversal later this year.

bnb_price_chart_0708261
Source: TradingView

Hype (HYPE)

HYPE managed to close 3% higher this week after a successful test of the $52 support level. However, this could end up as a temporary bounce before sellers return to push against the key support again.

On higher timeframes, Hyperliquid has lost its uptrend, and the price is making lower lows. This is bearish. If buyers cannot reclaim $64 in the future, which is also a major resistance, then sellers could take this cryptocurrency much lower.

Looking ahead, the battle will be decided at the $52 support level. So far, this has held against the pressure from bears, but a renewed push later in August may see HYPE make new lows. Best to be cautious here as the price continues to show weakness.

hype_price_chart_0708261
Source: TradingView

The post Crypto Price Analysis August-07: ETH, XRP, ADA, BNB, and HYPE appeared first on CryptoPotato.

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