This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Binance Coin.
Ethereum is down almost 10% this week after it failed to sustain its rally. The price has returned close to the key support at $2,150.
Momentum remains bearish on higher timeframes, but lower timeframes, such as the 4-hour, appear oversold, and the price could bounce here.
Looking ahead, ETH is at a critical junction on the chart. If buyers manage to hold the price above $2,150, then they have a good chance to reverse this bearish momentum.
Unfortunately, XRP could not hold above 54 cents, which has now turned into a resistance. For this reason, in the last week, the price fell by 7%.
The current support has moved to 43 cents, and buyers appear to have vanished since the price closed in red for five consecutive days.
Looking ahead, the bias on XRP is bearish, and sellers have a free reign right now to take the price lower.
ADA booked a 5% loss this week, but it managed to find good support at 46 cents. If buyers hold it above this key level, then there is hope of a possible bounce.
The resistance is found at 60 cents, and it is unlikely to be tested any time soon as that would require a significant bullish momentum to form.
Looking ahead, ADA needs to do its best to hold at this level. Otherwise, it may end up like XRP and make lower lows.
Solana (SOL)
Solana continues to hold above the $78 support level. This is a positive sign, but despite this, it still fell by 6.8% this week.
It appears sellers are becoming rather exhausted, and a bullish divergence has formed on the 4h MACD histogram. If it’s confirmed, SOL could attempt a relief rally later on.
Looking ahead, this cryptocurrency may attempt to reach three digits again if momentum shifts more in the bull’s favor in the coming days.
Binance Coin (BNB)
BNB’s bullish momentum stopped this week, and the price fell by 5.7%. This opens the path to a correction towards the key support at $260.
Moreover, after the resistance at $330 did not allow the price to move higher, Binance Coin fell under $300.
Looking ahead, if this cryptocurrency cannot return above $300 soon, then sellers may have the upper hand and take it to the key support.
