Crypto Price Analysis June-10: Ethereum, Cardano, Solana, Chainlink, and NEAR Protocol

This week, we take a closer look at Ethereum, Cardano, Solana, Chainlink and the NEAR protocol.

Ethereum (ETH)

Ethereum had an uneventful week, with the price almost flat throughout. ETH closed the last seven days with a slight decline of 3.5%. The descending triangle (depicted in blue on the chart below) remains intact, and the cryptocurrency has made no attempt to break out. The market is moving sideways and shows a lot of indecision.

Current support is found at $1,700, and ETH has not tested this level since May 27. Key resistance is at $1,900, and a break above it could lead to a relief rally. Until then, the best we can do is expect the price to move inside the triangle.

Looking ahead, Ethereum will soon reach the top of this formation, and the price will have to decide one way or another. Indicators are also giving mixed signals.

Cardano (ADA)

ADA performed well over the past seven days, registering a 4% increase at the time of the post. But after a significant rally, price action is indicating that a correction is ahead. A pullback seems like a more likely scenario since the cryptocurrency declined for the second time at the key $0.65 resistance area.

Major support levels are found at $0.55 and $0.50. The last time ADA tested $0.55, it used that level as a pivot for another push. It is important for the cryptocurrency not to lose this level if it is to maintain the bullish momentum on the larger time frame.

Looking ahead, it looks like we will see ADA enter a brief correction. Once there, the bulls can start to build momentum so that the next time they test major resistance, they can break through and turn it into support.

solana

Despite being trapped in a descending triangle, Solana is showing some signs of hope that it may break above this formation. This consolidation also led to a period of low volatility, with the price recording a loss of only 4.1% compared to seven days earlier.

If Solana manages to break out of this triangle, it could rally towards $44 and above. The daily MACD is bullish, and the RSI is forming higher highs and higher lows. While this is encouraging, SOL has yet to attempt a breakout to bring back buyers.

Key support is found at $37, and Solana will have to do its best to protect this level in the future even if the breakout attempt fails. Losing this key level would lead SOL to a much deeper correction.

Chainlink (Link)

The best performer on our list this week, Chainlink, managed to gain 23.4% over the past seven days. Link was not only at the top of our list, but was basically the majority of the market in the same period. In the process, the price broke the key resistance at $8, which was quickly turned into support.

The rally was bullish, but selling accelerated as LINK neared $10, and the price is now lacking the necessary push to break this important level. For this reason, it looks like the price may retest the key support before making another attempt.

Looking ahead, LINK has a good chance of sustaining this bullish move especially if the price does not drop below $8. The indicators on the daily time frame remain bullish, and they are yet to reach overbought positions.

Near Protocol (Near)

After a significant correction since April, NEAR may have found a local bottom at $4.7. This key support level is likely to be tested again as the price finds itself in a downtrend and has lost 11% of its value over the past seven days.

Key resistance lies at $5.6, and the bulls have failed to break above this level in the past. Another attempt is likely if the bears fail to push NEAR to make a lower low on this chart. Considering the price drop by over 70% since April, it is likely that sellers must have been exhausted.

This opens up an opportunity for buyers to attempt a strong recovery if the market turns bullish. Even if it doesn’t materialize, as long as the bulls can keep the NEAR in a flat trend, this is also a breakout as it will halt the correction that started in April.