This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and BONK.
ETH’s volatility spiked this week but closed in red with a 5% loss at the time of this post. While its price left the ascending triangle highlighted below in blue, the volatility pushed ETH into a retracement back to the breakout point.
As long as buyers manage to hold the price above $2,150, then ETH remains bullish, and this retest of the breakout point could serve as a pivot for higher levels later on.
Looking ahead, ETH will face strong resistance at $2,500 if it resumes its uptrend. If it fails to hold above this triangle, then it could quickly fall back to $2,000 or below.
XRP’s price action is a bit puzzling because it seems totally detached from most of the market, with barely any gains in November or December. The price also closed with a 2% loss this week.
The hold-up could be due to the resistance at 68 cents that did not allow it to move higher to date. However, XRP appears to have formed a bullish parabola (in yellow on the chart), and if its price remains above it, then this may lead to a breakout later on.
Looking ahead, XRP will turn bullish if it breaks the current resistance. Until that happens, the price could continue to move sideways.
ADA had an excellent performance this week and closed it with a 31% price increase. This impressive result allowed buyers to push Cardano above the resistance at 60 cents, which could act as support next.
The price is currently at 63 cents and could enter a more significant pullback to find its next support level. Should 60 cents fail, then the next key level is found at 51 cents.
Looking ahead, ADA remains bullish. However, a pullback and correction appear overdue, considering bulls have sustained this rally since mid-October.
Solana (SOL)
Solana had a good performance this week, closing it with a 7% price increase. The biggest challenge right now is to break the resistance at $78, which appears to have put some breaks on this rally.
The support is at $67 and could be re-tested again if buyers fail to break away.
Looking ahead, the bias on Solana remains bullish, and a breakout from this resistance could see it quickly make gains towards a three-digit valuation.
BONK
BONK appears unstoppable. Its uptrend remains intact, and buyers appetite is at an all-time high, like its price. BONK is up another 178% just this week alone.
It is hard to say how long this uptrend will last, but so far, there are no signs of weakness on this chart that favor continuation. Nevertheless, the price does appear to touch the upper band of this uptrend channel, which could mean some relief may follow.
Looking ahead, BONK may continue to surprise the market with its performance as it breaks into new record levels.
