ADVERTISEMENT

cryptocurrency

Crypto Price Analysis Nov-25: ETH, XRP, ADA, BNB and LTC

ADVERTISEMENT

This week we take a closer look at Ethereum, Ripple, Cardano, Binance Coin and Litecoin.

Ethereum (ETH)

Ethereum failed to break the key resistance at $1,230 and entered a correction that continued with bearish price action. ETH has also lost 0.8% of its valuation over the past seven days and sellers have managed to keep a grip on the price.

Unfortunately for the bulls, they may have to defend ETH again at the key $1,000 support. Any weakness could be disastrous for this cryptocurrency, as a triple-digit valuation drop will end any hope of a speedy recovery from the current decline.

Looking ahead, Ethereum has a tough job ahead as buyers are on the defensive and sellers are in control of the price action. The key $1,000 support must be defended as the option is a costly loss. Volume continues to decline after closing 10 daily candles in the red for the past 11 days and remains firmly on the bearish side.

charts by tradingview

Ripple (XRP)

XRP continues to show strength while market leaders such as ETH and BTC struggle. In the past seven days, it is up 5.7%, setting it apart from other cryptocurrencies. After finding decent support above $0.30, it registered a steady rise over the past three days.

Current resistance is found at $0.45 and could put the bulls in a tough position if they fail to break above it. Momentum remains in their favour, but with falling volume, confidence in this rally is waning. As the market remains highly volatile, the bears can quickly take advantage of any weaknesses.

Also read  Crypto Exchange Lemon Cash Downsized Its Team By 38%

Looking ahead, XRP managed to reach a higher low last week, which is a sign of a bullish trend. However, unless the price reaches higher levels, it is too early to celebrate as the action could be reversed soon. For now, the bias is somewhat bullish for XRP, but this could change once key resistance is reached.

XRPUSDT_2022-11-25_13-15-57
charts by tradingview

Cardano (ADA)

Unfortunately for Cardano, the price action is looking pretty dismal, with consistent lower lows over the past few months. The bulls could not stop this downward trend and for this reason ADA lost 4.2% of its valuation in the past seven days.

Current support is found at $0.30 and $0.28, while resistance lies at $0.32 and $0.34. If ADA hopes to halt the downtrend, it needs to break through these resistance levels. The alternative is to drop sharply to lower levels.

The main concern regarding Cardano is that altcoins could correct more than 90% of all-time highs during the bear market. With less confidence in a reversal, the price could fall further before finding a bottom. For this reason, the bias remains bearish for ADA.

ADAUSDT_2022-11-25_13-21-37
charts by tradingview

Binance Coin (BNB)

Binance Coin remains one of the strongest players in this bear market, managing to maintain a price around $300 despite repeated attempts to move lower. BNB remains the top performer, with gains of around 12% over the past seven days.

Current support is at $260 and major resistance is at $300. The bulls tried to keep the price above $300 in early November, but couldn’t sustain it.

Looking ahead, BNB appears to be trading in a tight range between USD 260 and USD 300. Unless one of these levels is broken, it’s hard to expect a significant change in price action. It also neutralizes bias.

Also read  Best Game Tokens to Add to Your Portfolio: Sandboxie (SAND), Enjin Coin (ENJ) – Cryptomod
BNBUSDT_2022-11-25_13-28-00
charts by tradingview

Litecoins (LTC)

The best performer on our list this week is Litecoin, which surprised most of the market with an unexpected gain of 22%. In the process, LTC also broke out of its ascending triangle, making it one of the few cryptocurrencies to actually move higher in this bearish market.

If the current $74 support is successfully retested, Litecoin could rise higher and aim for a three-digit valuation (>$100). However, breaking the resistance just below $100 will be difficult, and the bulls may need to move the overall market in their favor to be successful.

Litecoin has shown that as a proof-of-work coin released in 2011, it can still capture the attention of the market and become a platform like Solana (est. 2020) or Tron (est. 2018). Can outperform more recent cryptocurrencies, which are much more recent. Looking ahead, the bias towards LTC remains positive.

LTCUSDT_2022-11-25_13-37-13
charts by tradingview

The post Crypto Price Analysis Nov-25: ETH, XRP, ADA, BNB and LTC appeared first on CryptoPotato.

source: cryptopotato.com

ADVERTISEMENT

ADVERTISEMENT

Leave a Comment