The cryptocurrency market ended the week on a positive note after some coins hit new all-time highs while some recovered from previous losses
Of the three cryptocurrencies reviewed here, SafeMoon is the only one that had a terrible week and lost more than 10% of its value in the process. As we head towards the weekend, the prices of these cryptocurrencies are falling and more negative corrections could occur in the coming hours and days.
Ethereum price outlook
The ETH / USD 4-hour chart is still in the bullish territory after the excellent performance of the cryptocurrency. For the next few hours, ETH will have to avoid the $ 3,783 pivot if it has a chance to beat Thursday’s high of $ 3,838.28.ETH / USD 4-hour chart. Source: TradingView
In the event of a market rally in the next few hours or days, Ether appears prepared to test the second resistance level at $ 3,899 and another resistance point at $ 4,000. However, if the recent gain is not used, ETH could fall below the first major support level of $ 3,728. Unless there is a prolonged sell-off in the market, Ether should comfortably stay above the level of below USD 3,500.
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BNB price outlook
BNB is the second coin in our coverage to have a net positive week. The BNB / USD 4-hour chart is moving into bearish territory after the coin lost more than 1% of its value in the past few hours. The RSI of 47 means that the BNB is moving into the oversold territory as its MACD line approaches the bearish region.
BNB / USD 4 hour chart. Source: TradingView
If the downtrend continues, the BNB could slide below the first resistance point at $ 465, wiping out last week’s gains. The second major resistance point at $ 443 should limit further downside unless there is a prolonged sell-off in the market.
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SafeMoon price outlook
SafeMoon performed worst of the three cryptocurrencies, losing about 10% of its value in the past week. The main technical indicators, the RSI and the MACD, are already in the bearish territory and SAFEMOON could see further losses over the weekend.
SAFEMOON / USD 4 hour chart. Source: Coin peppers
Should the downtrend continue, SAFEMOON could fall below the critical support line at $ 0.00000215. Another bearish move in the market could result in SAFEMOON trading below $ 0.00000200 for the first time in two weeks.
However, if the bulls take control of the market, SAFEMOON could rebound towards the $ 0.00000270 resistance level. An extended market rally could push SAFEMOON above $ 0.00000313.