This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Binance Coin.
Yesterday, Ethereum exploded higher on the news of an imminent ETF by BlackRock. This made the price increase by an impressive 17% in the past seven days.
This marks a significant change in price action for ETH, which may challenge the dominance of BTC in the next few weeks. Moreover, the price is now found just under the key resistance at $2,150 in a large ascending triangle.
If ETH’s price breaks above that level, then it may quickly rally much higher in a short amount of time. The second-largest cryptocurrency seems to have awakened now.
XRP enjoyed a great week as well after booking a 10% increase. The price has now arrived at the 68 cents resistance and may enter a short pullback before attempting to go higher.
The support is found at 57 cents, and momentum is currently favoring buyers. Therefore, a deep pullback appears unlikely at this time.
Looking ahead, the bias on XRP is bullish, and if the overall market continues to show such excitement, then this cryptocurrency should also perform well.
Cardano had a fantastic week after it managed to increase by 17%, rivaling ETH’s performance. In the process, ADA made a local high at almost 39 cents.
The current resistance is found at 38 cents, and the support is at 35 cents. Momentum continues to favor bulls, which so far have dominated in terms of volume.
Looking ahead, ADA could soon visit 40 cents if the key resistance falls, which would be a key psychological level, but sellers could also return there.
Solana (SOL)
Solana is the undisputed leader in the major altcoin space right now and booked an eye-popping 25% increase this week alone.
In the process, SOL also broke above $44, which was a key resistance, now turned into support. This breakout opens the way for this cryptocurrency to aim much higher.
Looking ahead, Solana could continue moving to the next key level found at $67. To reach that, buyers have to sustain their dominance after closing three consecutive weekly candles in green.
Binance Coin (BNB)
Binance Coin finally managed to break the resistance at $230, which is now a key support. In the process, the price also increased by 10% this week.
The current resistance is at $265, and sellers may return there. Therefore, the uptrend potential right now is somewhat limited from its current price of $252.
Looking ahead, BNB has a good chance to rally higher if it breaks above $265. If not, it could continue to range below the key resistance.
