Ethereum (ETH)
Ethereum (ETH) is currently lagging behind Bitcoin and the rest of the market, with its price losing 2% this week and falling back to the support level at $2,150. This lack of bullish momentum is concerning, especially considering the strong resistance between $2,400 and $2,500. If bears return, ETH has support at $2,000.
Ripple (XRP)
Ripple (XRP) has remained relatively flat this week, with a 1.5% decrease in price. The resistance at 68 cents and support at 54 cents have not changed. However, XRP has lost its 5th place in terms of total market cap to Solana, which saw significant gains.
XRP needs to resume its uptrend or risk losing out to competitors that are gaining more attention in the market.
Cardano (ADA)
Cardano (ADA) experienced a 10% loss this week and failed to move higher. The price fell below its support level at 60 cents, which is now acting as resistance. If ADA fails to move back above this level, sellers may take control and push it into a deeper correction.
If bears return, ADA has strong support at 46 cents. As long as the key resistance holds, sellers will have the upper hand.
Solana (SOL)
Solana (SOL) had an impressive week, breaking above $78 and seeing a 20% increase in price. It also replaced XRP as the 5th largest cryptocurrency by market cap. With continued momentum, SOL could reach a three-digit valuation with just a 25% increase.
The bias on SOL remains bullish, and sellers seem to have lost control of the price.
Injective (INJ)
Injective (INJ) outperformed the market with a 28% price increase this week. The price reached an all-time high of $43 after rallying since mid-December. However, the latest push has brought INJ to the limits of its uptrend channel, which could act as resistance.
INJ may experience a short pullback before continuing its uptrend, with support at $31.
Hot Take: The Market Outlook
This week, Ethereum (ETH) lagged behind Bitcoin and showed a lack of bullish momentum. Ripple (XRP) remained flat and lost its 5th place in market cap to Solana (SOL). Cardano (ADA) faced a critical moment as it failed to move higher. On the other hand, Solana (SOL) had an impressive rally and replaced XRP as the 5th largest cryptocurrency. Injective (INJ) performed well with a significant price increase but is approaching resistance. Overall, the market outlook suggests mixed performance and potential opportunities for both buyers and sellers.
By
By
By
By