This week we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Solana.
Ethereum (ETH)
There is a lot of hope that Ethereum will recover and rally again, but so far the price action does not give a clear picture of whether this can happen anytime soon. ETH also ended the week with a modest gain of 2%.
To regain buyer interest, the cryptocurrency needs to overcome the $2,800 resistance and confirm it as support. Anything less than that will shift market participants’ interest to other altcoins, such as ADA or BNB, which have been performing well lately.
Looking ahead, Ethereum has found good support at $2,400 and is trying to move higher, but the momentum is simply not there at the time of writing. Perhaps things will improve later this month.
Ripple (XRP)
XRP continues to hold around 60 cents and closes the week with a 6% gain. The trend is bullish, but momentum is lacking. Key levels between 54 and 68 cents remain intact and have not been tested this week.
Until XRP breaks out of this flat trend, volatility will not return. This can also be interpreted as a period of consolidation before buyers or sellers return in force to achieve a clear outcome.
Looking ahead, XRP must overcome key resistance at 68 cents if it hopes to reach higher levels in the future.
Cardano (ADA)
After weeks of suffering, ADA has finally woken up. In an impressive move, the price has risen by 15% this week, making it the best performing coin on our list.
The reason why the price has started to rally is because it has finally broken the resistance at 37 cents. This has now opened the way for ADA to aim much higher, with the next key target being at 46 cents. The old resistance is now acting as a key support.
Looking ahead, ADA is giving clear signals that its downtrend may be over. If the resistance at 46 cents is also broken, the price will make a higher high. This will confirm that this correction that began in March is over.
Binance Coin (BNB)
Binance Coin has had another good week. After solidly confirming support at $500, the price is in a clear uptrend, allowing it to close with an 11% gain. This is an impressive result, considering that other altcoins are still undecided on where to go next.
With this $500 double bottom behind us, BNB is well positioned to make higher highs. The immediate target on the chart is currently at $600. If this is declared, this cryptocurrency could target an ATH of $700 next.
Looking ahead, Binance Coin is well positioned to rally and continue the current momentum. Indicators such as the RSI and MACD also give a clear bullish bias.
Solana (SOL)
Solana seems to be struggling and unable to break higher. After being pushed down by the resistance at $164, the price is stuck in the current range. For this reason, SOL ends the week with a modest price gain of 1%.
This sideways price action is causing concern among Solana fans, as they are accustomed to volatility and high price swings. It is unusual for Solana to lag other coins, given its impressive performance earlier in the year.
Looking ahead, buyers have defended the price well at the $134 support level, but they have failed to break current resistance. The target remains $164, and buying volume will need to explode if Solana hopes to break through.
