Crypto Price Analysis Oct-16: ETH, XRP, ADA, BNB, and HYPE

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

Ethereum (ETH)

The crypto market correction continued this week and Ethereum broke below the support at $2,400 for a brief period before buyers returned to push it back up. This has allowed the price to close at a similar level to last week.

This ongoing correction has completely stopped the bullish momentum, which now appears to be transitioning into a bearish trend. The only barrier to that is the support at $2,400, which is still holding at the time of this post.

Looking ahead, Ethereum has a decisive week ahead as sellers will try their luck again. If buyers show weakness, then a deeper correction awaits that could see this cryptocurrency revisit $2,000.

Source: TradingView

Ripple (XRP)

XRP closed 3% lower this week and is quickly approaching the support at $1.3. In the past, this level was defended well, but repeated tests can be interpreted as bearish, and it seems the bullish momentum is slowly vanishing from the order books.

In the case bears manage to break below $1.3 in the coming days and turn that into a key resistance, then buyers will most likely retreat to the key psychological level at $1. This is a likely possibility considering the previous rally never re-tested $1 as support.

Looking ahead, watch the price reaction at $ 1.3 closely since that will determine where XPR is going next for the remainder of the month. The current sentiment leans bearish, but until $1.3 breaks, it can still go either way.

Source: TradingView

Cardano (ADA)

ADA also closed 3% lower this week after the price failed to make higher highs and is currently struggling to hold above the $0.23 support. Considering that the bearish momentum is intensifying, there is a good chance this support will break.

If bears take over, then the next key level they will eye is found at $0.20. Buyers could be scouting an entry there, but sellers may get greedy and attempt to hit even a lower price before they become exhausted.

Looking ahead, wait for this ongoing correction to complete. As it stands today, it’s likely that this bearish price action is only starting and will take a few weeks to reach its high point. If so, best to wait for a price around $0.20 before taking a position.

Source: TradingView

Binance Coin (BNB)

Binance Coin was flat this week despite the volatility and appears on a collision course with the support at $690. If nothing changes, expect a test of this key level in the coming days. That would turn the chart bearish, especially if buyers can’t stop sellers.

While a pullback was expected, the question is how deep and long it will last before buyers become interested again. On most charts we covered today, the key support levels appear weak, and this is no different for BNB.

Looking ahead, expect this cryptocurrency to test the $690 support in the coming week. If the main market leaders like BTC and ETH remain bearish, then BNB could also fall lower towards $600.

Source: TradingView

Hype (HYPE)

Hyperliquid continues to disappoint with a 5% loss this week, making it the worst performer on our list. That’s because sellers have been dominating the chart since the price hit the resistance at $97.

At the time of this post, HYPE is close to the support at $76. If that level breaks, then this cryptocurrency will enter a deep correction and it will be hard to imagine it can make new all-time highs before the end of the year.

Looking ahead, Hyperliquid is about to face a critical moment. If it loses support at $76, bears will dominate. However, if buyers return, then HYPE has a good shot at retesting the resistance at $97.

Source: TradingView