Ethereum, Binance Coin, Solana, Avalanche and CryptoCom

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This week, the market correction continued, with most cryptocurrencies taking significant losses, especially today when Bitcoin fell 10% in 12 hours and altcoins registered double-digit losses. In the following, we take a look at Ethereum, Binance Coin, Solana, Avalanche, and CryptoCom’s CRO.

Ethereum (ETH)

Ethereum has had a great rally in recent days and has given hope for a major breakthrough. However, today’s price action brought ETH down to $ 4,000, ending the last seven days in green at just 3%.

The $ 4000 level is also a key support, and it would be surprising to see ETH fall below. Bulls are likely to defend it well and may not allow ETH to descend further outside of a fuse.

Resistance is at $ 4,500, and it may take some time for the bulls to pull the price down as today’s crash was significant above 10%. Looking ahead, ETH looks likely to consolidate around the key support level before the bulls strengthen for a further push higher. Until then, watch out for bears as they may attempt to break the $ 4,000 support again.

Chart by TradingViewBinance Coin (BNB)

Binance Coin broke above $ 600 yesterday and gave a strong bullish signal. But the positivity was short-lived as bears took control of the price today and dragged it below this key psychological level. Still, BNB remains up about 12% from the weekly, despite today’s bloodbath.

BNB has strong support, just above $ 500, and despite the current decline, it has hit a higher low. It is very important to see how the BNB closes today’s candle because if the low is held this correction could have been one more drop before the higher prices were reached.

Looking ahead, BNB indicators are trying to move up on the daily period, and today’s correction has delayed a possible bullish cross. The bias remains somewhat bullish for BNB as long as it holds above key support at $ 516.

Chart by TradingViewSolana (SOL)

Solana had a strong rally last week but was rejected by resistance at $ 236. Due to today’s market decline, SOL has been pushed back to the key support level at $ 190.

SOL was already giving a bearish signal due to the indicators, with a daily MACD that ended a bearish cross on November 11th. Whenever this happens, it is always best to be careful and not to FOMO. SOL continued to make highs and lower lows. Today’s daily candle dipped to $ 182, which is the lowest level since late October.

Looking ahead, Solana appears to be in a longer correction which may take longer to unfold, and today’s price action only reinforces this bias. While the support at $ 190 held firm today, that does not guarantee that it can contain another attempt to break it. Indicators such as MACD and RSI remain bearish, and you better stay cautious.

Chart by TradingViewAvalanche (AVAX)

Avalanche surprised everyone last week with a big rally that peaked at a new all-time high at $ 147. However, since then AVAX has corrected and today’s candle has brought the price down to $ 100.

Additionally, AVAX, just like Solana, also made a bearish cross on the daily MACD today. If the day ends like this, this is a major warning signal that lower price levels could be reached in the future. Ideally, the price of AVAX should contain the correction to just above $ 100. Then the bulls can then recover from this assault and attempt a recovery.

In general, it is important to remain very cautious as the market is currently in a state of instability, and a lot of volatility could come into play. Vigilance is therefore of the utmost importance.

Chart by TradingViewCryptoCom (CRO)

CryptoCom Coin had a fantastic rally in October and the first half of November. Now the price appears to have finally hit major resistance, which unsurprisingly sits at just under $ 1. Such key psychological levels will always represent turning points in price action, and the CRO is no different. Despite the ongoing correction, CRO’s performance this week has been exceptional, with a 40% price increase.

Current support lies at $ 0.63. However, given the rally past, the CRO might not only correct the Fibonacci retracement to 38%, it might go down even further.

Looking ahead, CRO indicators on the daily calendar have retreated after the major rally of the past two weeks. This is a clear warning sign, and if the CRO goes below $ 0.63 support, then things could get even uglier.

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Cryptocurrency Charts by TradingView.

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