This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Binance Coin.
This week, Ethereum broke above the resistance at $2,500 and, in the process, increased by 14.7%. This is a spectacular performance, considering it came in the context of the Bitcoin ETF listing being approved.
This means Ethereum appears undervalued in the eyes of investors and maybe the next big cryptocurrency to be listed later this year.
Looking ahead, ETH is found in a rally and may not stop until it reaches the current target of $3,000. The support is now at $2,500.
XRP struggled this week and booked only a 3% price increase while many Ethereum-based tokens rallied in double digits.
Buyers don’t appear that interested right now since most of the action was taken by the two market leaders, BTC and ETH.
Looking ahead, XRP remains in a channel with key support at 54 cents and key resistance at 68 cents. Until one of these two levels breaks, major moves seem less likely.
Cardano’s correction ended this week, and buyers managed to re-test the key resistance at 60 cents. However, they failed to break it. Still, ADA booked a 4% price increase.
The support at 46 cents held strong, and if buyers persist, it may not be tested again as they have another go at the key resistance.
Looking ahead, ADA remains competitive and appears keen to break higher. Watch the key resistance, as that will be decisive in where the price goes next.
Solana (SOL)
Solana failed to break the resistance at $104 and lost 3% of its valuation this week. This is a show of weakness, while other altcoins performed much better.
It appears that SOL had its moment in late 2023 and is now struggling to gather the same momentum. The support is found at $78.
Looking ahead, as long as buyers can’t break above $104, Solana will have a hard time making new highs.
Binance Coin (BNB)
Binance Coin continues to hold well onto its recent gains but closes the week with a 3% loss. Despite this pullback, its price is still above $300 at the time of this article.
The nearest support is found at $260, and BNB may test it if sellers take over the price action.
Looking ahead, Binance Coin is in an uptrend, with the most important target found at $360. If buyers persist, they could eventually reach that level after this pullback ends.
