Crypto Price Analysis November-01: XRP, BNB, SOL, DOGE, and MKR

Crypto Price Analysis: November 1st

This week, we delve into Ripple (XRP), Binance Coin (BNB), Solana (SOL), Dogecoin (DOGE), and Maker (MKR).

Ripple (XRP)

XRP's promising start to the week was eclipsed by a bearish turn on Wednesday, resulting in a 3% loss by week's end. Sustained buying pressure is crucial to prevent a retest of 48 cents support. Since September, XRP's downturn has been characterized by lower highs and lows, indicating a potentially protracted decline until a firm buyer base is established. Resistance persists at 54 cents, and low volume may maintain a rangebound price until a decisive breakout.

Binance Coin (BNB)

BNB's attempts to breach $600 resistance were met with resistance, leading to a 3% weekly loss. Previous attempts at surpassing this threshold have also been rebuffed. The price action remains rangebound, with narrowing fluctuations indicating an eventual breakout. A lack of momentum suggests a neutral bias, but sellers may emerge to test $550 support. The daily MACD's bearish cross could embolden selling pressure.

Solana (SOL)

SOL surged to $183 before encountering selling pressure that pushed it back to $164. This reversal resulted in a 4% weekly decline. Defending this critical support level is vital for buyers, as weakness here could jeopardize October's gains. The daily MACD's bearish cross signals potential seller resurgence, but a loss of key support is necessary for confirmation. A retest of $160 or even $150 could ensue. Solana is at a pivotal juncture; buyer resilience during this pullback could ignite a resumption of its uptrend.

Dogecoin (DOGE)

DOGE stands out with a robust 13% price increase, closing the week in the green. Breaking through 14 cents resistance attracted buyers, culminating in a surge to nearly 18 cents. This breakout suggests DOGE's bullish potential and targets 22 cents resistance. The strong bullish momentum positions Dogecoin for potential dominance in the coming weeks.

Maker (MKR)

After testing support at $1,000, MKR rebounded with a 13% weekly gain. Buyers face resistance at $1,270. Sustained bullishness could propel MKR to $1,500. A breakout above this level would confirm the end of the downtrend that began in April 2024. Maker is poised for a sustained recovery, but further price momentum is crucial to negate a potential downtrend rebound.