Ethereum (ETH)
This week, Ethereum has shown impressive performance with a 14% price increase. It reached a new yearly high at $2,868 and seems determined to break the resistance at $3,000. The current support level is at $2,600, and the price moved higher after successfully retesting it. However, the daily RSI indicates that ETH is overbought, which could lead to a pullback in the near future. While there is a good chance for ETH to challenge the $3,000 resistance, sellers may step in to secure profits at that level.
Ripple (XRP)
XRP saw a 9% rally this week after breaking the resistance at 54 cents, which has now become a support level. This breakout has put bulls on the offensive, with targets set at 60 and 68 cents. The momentum indicators are bullish, suggesting that XRP is well-positioned to reach new highs. The increasing buy volume further supports continuation of this rally. The first challenge for XRP will be to break above the 60 cents resistance.
Cardano (ADA)
ADA had an impressive week with an 11% price increase. It has reached the key resistance level at 60 cents, which has halted its rally for now. If buyers are unable to break this level soon, ADA may experience a pullback before attempting another push upwards. However, Cardano remains bullish overall and buyers still have the upper hand in the long run.
Solana (SOL)
Solana had a positive week with a 6.4% increase in price. However, in the past two days, it entered a correction phase after facing rejection at the $117 resistance level. Buyers were confident in pushing the price above $120, but were unable to do so. Nevertheless, SOL has good support at $104, which should help end the current downtrend.
Binance Coin (BNB)
Binance Coin had an impressive rally this week, increasing by 10%. It has now reached the critical $360 resistance level. For bulls to maintain control, they need to establish $360 as a support level. If they fail to do so, sellers could push the price back down and confirm this level as a resistance once again. BNB also has support at $330 in case buyers lose control. A breakout above $360 may be delayed if this support is tested.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.