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

This week, we examine Ripple, Binance Coin, Solana, Dogecoin, and Maker in greater detail.

Ripple (XRP)

The week started well for XRP, but the price action turned bearish on Wednesday, closing the week with a 3% loss. If buyers don’t return soon, this cryptocurrency may test the support at 48 cents again.

Since September, XRP has been in a downtrend after its failure to sustain itself above 60 cents. With clear lower highs and lower lows, this downtrend may continue for some time until a base is found where buyers can attempt a recovery.

Looking ahead, XRP is likely to remain under 54 cents, which is currently acting as key resistance. If the volume continues to decline, the price could also range between the key levels until a decisive breakout.

XRPUSDT_2024-11-01_10-24-42 — Chart by TradingView

Binance Coin (BNB)

Binance Coin did not manage to break above the $600 resistance and was pushed back by bears. This is why it closed the week with a 3% loss. There have been several attempts at moving above $600 in the past, but they have all been rejected.

Considering the lack of a clear breakout, the price is stuck in a range that appears to become tighter. Eventually, BNB will have to escape it as it narrows around it. The current momentum does not give a clear path forward, but sellers could show up again to push the price to $550.

Looking ahead, the bias on this price action is neutral, but the daily MACD recently made a bearish cross, which could encourage sellers to be more aggressive in the coming days.

BNBUSDT_2024-11-01_10-25-15 — Chart by TradingView

: Solana (SOL)

Solana rallied to $183, and then sellers returned to push the price back to its key support at $164. This reversal saw the price drop by 4% this week. It is critical for buyers to defend $164, as any weakness there could threaten the progress made in October.

The daily MACD just did a bearish cross, which could signal that sellers are returning. However, to get confirmation, the key support has to be lost. If that happens, SOL may revisit $160 or even $150.

Looking ahead, Solana is found at a decisive point. If buyers manage to hold firm during this pullback, it has a good chance to resume its uptrend.

SOLUSDT_2024-11-01_10-25-39 — Chart by TradingView

Dogecoin (DOGE)

DOGE is one of the few coins that closed the week in green with a spectacular 13% price increase. This comes after bulls broke away from the resistance at 14 cents. Once the price escaped above this key level, buyers rushed in.

The rally stopped just under 18 cents before the current pullback started. Even so, this breakout is significant and shows that DOGE is ready to aim much higher. The 22 cents resistance is the most important target on the chart now.

Looking ahead, Dogecoin is riding a strong bullish momentum. As long as this is maintained, this meme coin could dominate the headlines in the coming weeks.

DOGEUSDT_2024-11-01_10-26-57 — Chart by TradingView

Maker (MKR)

After the price tested the support at $1,000, buyers returned. This saw Maker bounce and quickly rally by over 13% this week alone. The current resistance is at $1,270 and is being contested at the time of this post.

Should buyers manage to sustain the current bullish momentum, then their next target will be found at $1,500. This bounce comes after Maker suffered from a long downtrend that started in April 2024. To get confirmation that the downtrend is over, the price will have to break above $1,500 as well.

Looking ahead, Maker has a real opportunity here to enter a sustained recovery and erase some of the losses since April. This is a good start with great volume, but it has to continue. Otherwise, it’s just another bounce in a downtrend.