This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Binance Coin.
In a surprising move, Ethereum has taken the spotlight this week after booking a 4.6% price increase and outperforming Bitcoin. This change in the price action has sparked optimism that it may be just the start.
The price also made a higher high this year, which is another signal that buyers mean business and are ready to take ETH to new levels not seen since the last bull market. Bulls also came in strong at the $2,150 key support.
Looking ahead, the bias is bullish on Ethereum, and the next key targets on the chart are found at $2,500 and $3,000.
XRP has touched the parabola represented in yellow on the chart, which could spark some renewed volatility. While still in a flat trend, this cryptocurrency managed to book a 2% price increase this week.
The resistance at 68 cents continues to hold the price down, and any attempts at breaking it were rejected by the bears. The price also has good support at 54 cents.
Looking ahead, a new test of the key resistance may lead to a breakout, especially if the altcoin market remains bullish thanks to Ethereum’s current price action.
Chart by TradingView
Cardano has been struggling to make further gains this week and booked a 2% loss. Buyers and sellers are fighting at the 60 cents level which is a critical pivot point.
Should bulls manage to turn this level into a support then the path will be clear towards higher levels with a key target at 83 cents. If they fail, then sellers may push ADA back towards 50 cents.
Looking ahead, expect volatility to return as soon as one of the market participants gains the upper hand. Right now, ADA has been moving flat around 60 cents. Wait until there is a decisive breakout.
Solana (SOL)
Solana appears to have topped once it reached a three digits valuation and the price quickly corrected. Despite this, it still managed to book a respectable 8% price increase this week.
As long as the uptrend remains intact, bull continue to have an advantage. However, selling may intensify here as a price at three digits is an attractive target for sellers that got in early. SOL has good support at $78 and strong resistance at $125.
Looking ahead, if Solana manages to hold this uptrend intact and its price above $100 then the bias remains bullish. Any weakness in these two areas may quickly be exploited by sellers.
Binance Coin (BNB)
Binance Coin has finally awaken and managed to reach a price over $300. In the process, it made new local highs and booked an 18% price increase. This makes BNB the best performed on our list this week.
This bullish reversal is quite surprising and brings back optimism to BNB which has been lagging for months after a difficult time from US regulators. The current resistance is at $360, and if broken, it can take BNB to new yearly highs.
Looking ahead, with a new bull market on the horizon in 2024, this cryptocurrency can perform well considering Binance still maintains a dominant position in the market.
