Major Altcoins Finally Rebound...BNB Faces Collapse Crisis Alone

▲ Ethereum (ETH), XRP, Cardano (ADA), BNB, Hyperliquid (HYPE)/AI-generated image

Ethereum (ETH), XRP, and Cardano (ADA) successfully rebounded after defending key support levels, but BNB and Hyperliquid (HYPE) faced different tests, namely continued weakness and a breakout from a range, respectively.

According to crypto media outlet Cryptopotato on July 3 (local time), Ethereum rebounded from the $1,500 support level this week, recovering last week's losses. With buying pressure regaining dominance in price action, it closed the week up 10%. However, to confirm a sustained recovery, it needs to break above the $1,800 resistance level.

XRP also rose 6% this week after successfully defending $1. However, the $1.1 resistance level is hindering buying pressure, and to escape the downtrend, it needs to recover past $1.1 and then to $1.3. As $1 is a critical psychological price point, selling pressure could intensify again if future buying pressure fails to sustain this rebound.

Cardano temporarily dropped below the $0.15 support level before rebounding 16%, showing the strongest recovery trend this week. However, the price formed a lower high than its previous peak. To confirm a sustained recovery signal, it needs to surpass the previous high of $0.19, and if it fails to break through that zone, this rebound may only be a technical rebound within a bear market.

Unlike other major coins, BNB failed to make a clear rebound this week. The price did not reclaim the $580 support level, and if selling pressure maintains dominance, the possibility of testing the next major support level at $500 increases. Cryptopotato also pointed out that Binance's failure to secure a MiCA license in the European Union (EU) in early July contributed to losing a key market compared to its competitors.

Hyperliquid rebounded 6% this week after confirming support above $60. A sideways trend has continued since early June, forming a large pennant pattern, and the outlet saw a higher probability of an upward breakout given that the existing trend is an uptrend. Hyperliquid needs to secure $68 as a key support level to challenge its all-time high of $77 again, and falling below $60 would strengthen bearish signals.

[Article Key Summary]

-Ethereum rebounded from the $1,500 support level, rising 10% weekly, but needs to break the $1,800 resistance level.

-XRP rose 6% after defending $1, but recovering $1.1 and $1.3 is key to escaping the downtrend.

-BNB failed to reclaim the $580 support level, and whether HYPE secures $68 support is a key variable for re-challenging its all-time high of $77.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*