This week we will take a closer look at Ethereum, Ripple, Cardano, Binance Coin and Solana.
Ethereum went through some very painful times in June when the price dropped below $1,000. However, this decline has brought buyers back and ETH is up 9% over the past seven days. At the time of this writing, ETH is comfortably positioned above a key support level.
This price action could turn into a significant rally with potential targets at $1420 and $1700. These levels will act as resistance if they are reached. For now, ETH is making higher lows and the momentum is bullish. The MACD on the daily timeframe also turned bullish yesterday, confirming this bias.
Despite this, many market participants are still skeptical about the price increase, but after such a long correction, this should not surprise anyone. Rallies during bear markets can be significant, especially when the price has been in a downtrend since March.
XRP has performed well this week, up 19.5% over the past seven days. This latest upward push brought the cryptocurrency to key resistance at $0.38. It would be quite impressive to see how it continues to grow, not paying much attention to resistance.
During last week’s crash, XRP found good support at $0.30 and this has served as a strong stronghold for its current rally. The short-term indicators on the daily time frame also turned bullish, with the RSI rising above 50 points, putting it on the bullish side.
Looking ahead, the biggest question is whether XRP can overcome key resistance. If so, buyers could bring the price back to around $0.5, which would fully reverse June’s losses.
While Cardano has shown tremendous strength at the key $0.45 support level, it has been disappointed in its recovery as it has failed to rise significantly to date. For this reason, its price has risen by only 4.3% over the past seven days, which is five times lower than that of altcoins like XRP.
The price is consolidating above the key support and the indicators on the daily timeframe turned bullish only today with the MACD crossing in the positive direction. Of course, this is a short-term perspective. On large timeframes, the cryptocurrency remains in a downtrend.
Looking ahead, ADA could try to rise next week to challenge the bears at the key $0.55 resistance. If successful, ADA could reach $0.66.
Binance coin (BNB)
Binance Coin found itself in very dangerous waters in June when it fell below $200. This is because the price below this level will reverse the uptrend established since March 2020. Luckily for BNB, this incursion below $200 was brief and short-lived. Since then, the price has been moving higher and the key support at $200 remains strong.
So far, BNB has recovered well, recording a 12% gain over the past seven days. This relief rally could continue to $267 where the first resistance will be found. If that doesn’t hold back the bulls, then the next key level to watch out for is $347.
As Binance Coin indicators turn bullish, there is a bullish bias in the short to medium term. However, be on the lookout once the price approaches the first resistance at $267. A sharp rejection could turn the sentiment bearish again.
After Solana touched support at $27, she had only one direction: up. For this reason, over the past seven days, SOL has registered a price increase of 32%. This makes him the top performer on our list. Most recently, the price broke through the key resistance at $37 and may soon challenge the resistance at $44.
This action and volatility has made SOL both the best and worst in the past, depending on market trends at the time. Market participants should consider this type of volatility going forward when considering Solana.
Looking ahead, SOL may continue to maintain its current uptrend in the near term. However, when the price approaches $50, there will be strong resistance. A deviation there could again lead to a significant correction.
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Cryptocurrency charts by TradingView.
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