Crypto Price Analysis August-22: ETH, XRP, ADA, BNB, and HYPE

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

Ethereum (ETH)

After being rejected at $4,800, Ethereum entered a significant pullback in the past two weeks. This is why the price closed this week in red with a 7% loss. Nevertheless, this is an expected pullback after the breakout at $4,000.

At the time of this post, the price holds well above the $4,000 support, and this re-test of the breakout point could be the catalyst for ETH to finally challenge and surpass its all-time high at $4,868.

Looking ahead, Ethereum buyers appear determined to have another go at breaking the ATH resistance. This could happen towards the end of August or in early September. If successful, then ETH will enter price discovery and aim for 6k and 7k next.

Ripple (XRP)

XRP lost its support at $3. This is bearish and led this cryptocurrency to close this week with a 9% loss. Buyers also appear to have retreated to the $2.7 support level.

With the sell pressure building up, a test of the $2.7 support could follow in the days to come. It is critical for XRP to hold here, as losing this support would open the way for sellers to take the price much lower and towards $2.5.

Looking ahead, the downtrend appears to be accelerating based on the 3-day MACD, which did a bearish cross this past week. This makes lower price levels likely in the days and weeks to come. Hopefully, buyers will return to stop the downtrend soon.

Cardano (ADA)

Cardano had a good shot at reclaiming a price above $1, but sellers only allowed it to stay there for less than a day. Since then, ADA has been correcting and is under $0.90 at the time of this post.

While this pullback is normal, it will be challenging for ADA to return above $1 if the overall market remains bearish. The current support is found at $0.77, and buyers still have an advantage with clearly higher highs and lows on the chart.

Looking ahead, this cryptocurrency is much better positioned to return on an uptrend compared to XRP. For example, its 3-day MACD is still bullish, and buy volume is making higher highs. Ideally, this will allow ADA to secure $1 as support later on, which will open the way for higher price levels like $1.3.

Binance Coin (BNB)

Binance Coin is the undisputed champion of this week after it managed to make a new all-time high at $883 yesterday. Since then, the asset has entered a pullback, which has brought it to similar levels to last week.

The current support is found at $830, and this level was already tested and confirmed several times to date. Nevertheless, if this support is put under pressure again, that could be a sign of weakness as sellers are becoming more insistent.

Looking ahead, BNB has to hold here if it wants to capitalize on this recent rally. Otherwise, bears will take advantage and push it into a more significant correction. Even so, the chart remains bullish as long as the price is above $800.

Hype (HYPE)

HYPE has been struggling since early July when it failed to move above $50. Most recently, buyers tried again to break this key psychological level in mid-August, but were rejected a second time by sellers. This is bearish, and the price closed the week with a 17% loss.

At the time of this post, the price is close to $41, and the current formation on the chart looks similar to a double top. If sellers put more pressure, the asset has good support at $39 and $37.

Looking ahead, if HYPE loses its support at $37, then the price will likely fall towards $30. This would end its uptrend and push buyers to find a new support base to recover from. The most likely candidates for that are the $30 and $27 levels.

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