This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Polkadot.
This week, the market sentiment completely shifted, with bulls taking full control of the price action. ETH rallied by 21%, making it the best performer on our list. This spectacular rally allowed it to break above the key resistance at $1,660, which has now turned into support.
With the uptrend in full swing, this cryptocurrency can reach $2,000, which is a key psychological level. The momentum indicators are bullish, and there is no sign of exhaustion yet.
Looking ahead, it seems likely that ETH could move higher and test the key resistance levels found at $1,800 and $2,000. Sellers already paid an expensive price trying to short the market, and for this reason, they are absent at this time.
While most of the market is rallying, XRP appears to be lagging behind, registering only a 1% increase this past week. This is rather surprising, considering the bullish sentiment across the board.
As XRP is a momentum coin, it could be that its price will catch up at a later time when money will rotate from altcoins that are currently registering significant moves. The key resistance is found at 40 cents, and the support was well defended to date, at just above 34 cents.
Looking ahead, XRP appears to be trending between the key levels without any significant breakout.
Cardano’s downtrend came to an abrupt stop this week and registered a 10% price increase. This is a significant change in the price action that was bearish a week ago.
With buyers on the offensive, it seems that the key resistance at 35 cents may not hold the price down for long, and a breakout can be expected in the coming days. The current support is found at 30 cents.
Looking ahead, ADA is turning bullish and may soon attempt to break the key resistance, which could open the way toward 38 cents next. Should that be successful, then the most significant level on the chart will be the key resistance at 42 cents.
Binance Coin (BNB)
After Binance announced its intention to buy BNB using its industry recovery fund worth $1 billion, the price did not waste one minute and started rallying, booking a 20% increase this week. This momentum only intensified as the week progressed.
At the time of this writing, Binance Coin is found just under the key resistance at $346. The last time it visited this level, its price was sharply rejected. However, a second attempt may turn this level into support and open the way to a higher valuation.
Looking ahead, the outlook on BNB is bullish, and this latest news from Binance has placed sellers on the run as they are nowhere to be found.
During the past week, DOT found good support at just over $5, and since then, the price increased by 20%. This momentum is expected to continue, and the price could reach the key resistance at $7.5 next.
With a clear higher low on the three-day timeframe, it could be that Polkadot is now entering the third impulse up in a five-wave Elliot structure. If so, buyers will likely be in full control of the price until the key resistance.
Looking ahead, DOT has a good chance to recover some of its losses from this bear market and re-enter a two-digit valuation this year.
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Cryptocurrency charts by TradingView.