This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Binance Coin.
Ethereum could not return above $2,500 and fell by 5% this week. The momentum appears bearish right now, but it is too early to say if this price action will last.
ETH is still well above the uptrend line that was established in October 2023. The price would need to fall under $2,315 to break it, which currently acts as support.
Looking ahead, ETH appears to be in a pullback after making a new high. Watch the key support for any signs of weakness as the price action develops.
XRP had a difficult week and fell by 8%. In the process, the price arrived at the 54 cents key support. Now, it’s up to the bulls to show if they can stop this downtrend.
While momentum remains bearish, the 4h timeframe shows that XRP is oversold on the RSI and MACD indicators. This supports the case for a bottom soon.
Looking ahead, XRP will have to hold around this level if it wants to hope for a recovery. If the price fails to hold here, buyers will likely retreat under the 43 cents support.
Cardano also suffered this week and closed with a 14% loss. The price action remains bearish, and buyers are having difficulties stopping this downtrend.
With the resistance at 60 cents holding strong, sellers gathered momentum and could push the price to the 46 cents support if nothing changes.
Looking ahead, ADA’s price action is likely to remain bearish, and hope will return only if bulls put a stop to the downtrend.
Solana (SOL)
Solana tried to move above $100 and break the resistance at $104 but failed. This is why it fell by 5% this week. If buyers continue to show weakness, then SOL is likely to test the key support at $78.
The momentum indicators don’t show any signs of a recovery, and sellers still have the upper hand.
Looking ahead, this cryptocurrency seems more likely to make a lower low and fall to the key support if the selling pressure does not stop soon.
Binance Coin (BNB)
Binance Coin appears to be the strongest one on our list after it closed the week with a 1% price increase. This is impressive and goes against the overall market.
The current resistance is found at $360, but BNB does not have the strength to reach this level at this time.
Looking ahead, Binance Coin has good support at $300. If it manages to hold above it, then the bias remains bullish for this coin.
