This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Binance Coin.
Ethereum remains under the key resistance at $1,660 and closed the week with a 1% loss. Bears have the upper hand at this time, particularly because ETH made a lower low on Monday.
Unless this cryptocurrency manages to break above the key resistance and turn it into support, the outlook will stay bearish. The current support level is at $1,580, but this is unlikely to hold if sellers reject ETH at $1,660 again.
Looking ahead, ETH has strong support at $1,440 and this is likely to be tested if the price action continues to stay bearish.
XRP has finally found support at 47 cents after a prolonged downtrend that started in late July. The price closed the week with a 1.3% loss which is negligible. If buyers remain firm here, then XRP could start consolidating and aim to reverse this price action later.
The resistance is found at 56 cents and this will only be tested if bulls manage to hold here and attempt a relief rally. Bitcoin is also giving some hope that it could rally, therefore XRP could also benefit from this.
Looking ahead, XRP’s best hope is to consolidate here and capitalize on any bullish sentiment to attempt a relief rally in the second part of September.
Cardano appears in a similar situation to XRP and closed the weekly chart with a 2.3% loss. Nevertheless, the price has escaped the downtrend which could push ADA into a rally. The biggest challenge to that is the key resistance at 25 cents.
The support at 24 cents held well and buyers appear interested at this time. If the overall market turns more positive in the coming week, then Cardano could easily go higher.
Looking ahead, wait for a clear break above the key resistance in the coming days. If that happens, then ADA could finally recover some of its most recent losses and move on a path towards 30 cents next.
Solana (SOL)
Despite a good performance in the past few days, Solana still closed the week with a 2.9% loss. The price remains in a downtrend channel and to break away, SOL has to move above the resistance at $20.
This cryptocurrency found strong support at $17 and bounced off this level. Now, it appears on a course to test the key resistance soon.
Looking ahead, it’s important to see how the price will behave around $20 and see if sellers return at that point or not. Considering the length of this downtrend, this could be a major opportunity for the bulls to take back control and return on the offensive.
Binance Coin (BNB)
Binance Coin found good support at $200 and has been consolidating above this level in the past few days. Nevertheless, the weekly chart still shows a 1.9% loss.
So long the price holds above the key support, buyers could attempt to break away in the coming week as the price is compressing in the apex of this formation. Therefore, expect volatility to return soon.
Looking ahead, the key resistance level is found at $230 and any attempt at a breakout may be stopped by sellers there. Binance Coin has to do its best to hold above $200 as anything less could open the path to a significant drop in its price.
