This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin and Solana.
Ethereum had a very painful time in June, with a price of less than $1,000. However, these declines have drawn buyers back and ETH is up 9% in the past seven days. At the time of this position, ETH is comfortably sitting above key support levels.
This price action could turn into a significant relief rally with potential targets at $1,420 and $1,700. When reached, these levels will act as resistance. For now, ETH is making higher lows, and the momentum is bullish. The MACD on the daily time frame also turned bullish yesterday, which confirms this bias.
Despite this, many market participants remain skeptical about the price hike, but after such a long correction, it should come as no surprise to anyone. Rallies can be significant during bear markets, especially when the price has declined since March.
XRP had a strong performance this week, with a gain of 19.5% over the past seven days. This latest push has taken the cryptocurrency to the key resistance level of $0.38. It would be impressive enough to continue regardless of resistance.
During last week’s crash, XRP found good support at $0.30, and it acted as a strong pivot for its current rally. The short-term indicator on the daily time frame is also bullish, with the RSI moving above the 50 mark, which puts it on a bullish side.
Looking ahead, the biggest question is whether XRP will manage to break the key resistance. If so, buyers could push the price back to around $0.5, which would make up for the entire loss in June.
While Cardano has shown tremendous strength at the key support level of $0.45, it has disappointed in its recovery so far failing to rally in a significant manner. For this reason, its price has only increased by 4.3% over the past seven days, which is five times less than altcoins like XRP.
Price is consolidating above key support, and today the indicators on the daily time frame are turning bullish on the positive side with the MACD crossover. Of course, this is a short-term outlook. On the larger time frame, the cryptocurrency remains in a downtrend.
Looking ahead, ADA could attempt a rally to challenge the bears at the key $0.55 resistance level in the coming week. If successful, ADA could reach $0.66.
Binance Coin (BNB)
Binance Coin found itself in very dangerous waters in June when it was trading below $200. This is because a price below that level would invalidate the uptrend set since March 2020. Fortunately for BNB, this movement below $200 was brief and short-lived. Since then, the price has been trending higher and the key support at $200 remains strong.
BNB has made a decent recovery so far, registering a growth of 12% over the past seven days. This relief rally may continue till $267, where the first resistance is found. If it fails to stop the bulls, the next major level to watch is $347.
The bias is bullish in the near to medium term as the indicators are turning bullish for Binance Coin. However, beware as the price approaches the first resistance at $267. There a sharp rejection can turn the sentiment into bearish again.
Since touching the $27 support level, Solana had only one direction: up. For this reason, over the past seven days, SOL has registered a 32% price increase. This makes it the best performer on our list. Recently, the price broke the key $37 resistance area and it might soon challenge the $44 resistance.
This action and volatility have made SOL the best and worst performer in the past, depending on the market trend at the time. Market participants will have to account for such volatility in the future when considering Solana.
Looking ahead, SOL may continue to maintain its current uptrend in the near term. However, there will be some strong resistance as the price approaches $50. A rejection there can again lead to a significant improvement.
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Cryptocurrency charts by TradingView.