XRP Signals Negative Funding: Derivatives Data

What to Know:

• Ethereum shows signs of buyer defense at $1,800, hinting at a potential reversal after a flat week.
• XRP’s rejection at $1.6 suggests continued downtrend pressure, with potential retests of lower support levels.
• Cardano struggles near $0.28 support, mirroring XRP’s bearish momentum; BNB holds at $580, with buyers showing hesitancy but decreasing sell volume.

This week’s crypto market analysis focuses on key altcoins, assessing their price action and potential future movements. Ethereum’s resilience at a crucial support level offers a glimmer of hope, while XRP faces continued bearish pressure. Cardano mirrors XRP’s struggles, and Binance Coin navigates a critical support level with cautious optimism.

Ethereum’s Consolidation

Ethereum experienced a relatively stable week, managing a marginal 1% gain. This stability indicates strong buyer support around the $1,800 level. The fading sell momentum suggests a possible upcoming reversal. Resistance levels to watch are $2,000 and $2,400. After four weeks of losses, a relief rally could test these levels, providing insight into the strength of any potential recovery.

XRP Faces Downtrend Pressure

XRP saw a 5% increase this week, but it wasn’t enough to shift the overall bearish outlook. The rejection at the $1.6 resistance level signals that the downtrend may persist. Further support levels to monitor are $1.4 and potentially even $1, as the prevailing sell momentum could drive the price lower. Monitoring price action around $1.4 will be crucial in determining XRP’s next direction.

Cardano’s Support Struggle

Cardano is currently testing the $0.28 support, and a failure to hold this level could lead to further price declines. Key support to watch is $0.24. Cardano’s price action mirrors that of XRP, with sellers and buyers battling for control at this crucial support level. A decisive move in either direction is anticipated soon, which could establish clearer trend direction.

Binance Coin Holds Steady

Binance Coin has been consolidating around the $580 support level, closing the week with a 3% gain. The decrease in selling volume is a promising sign, though it doesn’t necessarily indicate the end of the selloff. The resistance level at $690 has not been tested, indicating buyer hesitation, but reduced selling pressure could encourage a push higher. A break below $580 could see the price fall to $500.

Market Outlook

Ethereum’s potential reversal and Binance Coin’s consolidation offer cautious optimism, while XRP and Cardano face continued challenges. Monitoring key support and resistance levels, as well as shifts in buying and selling pressure, will be crucial for assessing future market movements. Institutional investors should remain vigilant, as these technical indicators can provide insight into potential opportunities and risks.

Related: XRP Clarity Bill Passing Signals April Target

Source: Original article