In this analysis, we’ll focus on Ethereum, Ripple (XRP), Cardano (ADA), Solana (SOL), and Binance Coin (BNB) for the week.
Ethereum (ETH)
Ethereum has been following an ascending triangle pattern since June. However, things took a turn recently as the price fell below this pattern, resulting in a 2% loss for the week. This is not a promising sign and suggests that the correction might just be getting started.
There’s a solid support level at $1,440, and Ethereum might need to test this level before we see any significant recovery. Currently, the price movement is leaning towards the bearish side, and it’s struggling to break through the resistance at $1,660.
Looking ahead, Ethereum is in a downtrend, and the recent breakdown indicates that sellers are currently in control, making it challenging to anticipate a reversal anytime soon.
Chart Source: TradingView
Ripple (XRP)
XRP has been in a consolidation phase since mid-August, and it managed to close the week with a modest 2% profit. While it might not seem like much, this price movement is more promising compared to Ethereum and reduces the chances of new price lows.
There’s a solid support level at 47 cents, and it has proven reliable twice already, with buyers stepping in each time the price tested this level. On the other hand, the resistance is at 57 cents, and it hasn’t faced significant pressure yet.
Looking ahead, XRP seems ready to break out of its current trading range. However, this might be delayed if the overall cryptocurrency market remains bearish. A more favorable market environment could help XRP’s potential breakout.
Chart Source: TradingView
Cardano (ADA)
Cardano, like other cryptocurrencies, is currently in a consolidation phase. It’s facing a significant resistance level at 25 cents and closed the week with a 2.5% loss, indicating a somewhat bearish trend.
Attempts to break above this crucial resistance were met with selling pressure, pushing the price down to the support level at 24 cents. Buyers are expected to step in to prevent further decline, but they haven’t gathered enough strength to push ADA out of this range yet.
Looking ahead, Cardano may follow a similar pattern to XRP and attempt a breakout when overall market conditions become more favorable. Until then, it’s crucial for the bulls to maintain the price above 24 cents.
Chart Source: TradingView
Solana (SOL)
Solana recently broke out of its downtrend, and it’s currently undergoing a pullback, testing the breakout point located at $19. As long as this level holds, the overall bias remains bullish, and Solana managed to close the week with a 2.7% increase.
Buyers seem to be showing renewed interest in Solana, but their primary task is to keep the price above $19. If they fail to do so, sellers may regain control. Additionally, breaking through the resistance at $20 has proven challenging on the first attempt.
Looking ahead, Solana has a promising chance to continue its upward trend. The critical levels to watch right now are $20 and $22.
Chart Source: TradingView
Binance Coin (BNB)
Binance Coin (BNB) is currently struggling to break free from its ongoing downtrend. There were attempts on Monday and Tuesday, but sellers managed to push back, resulting in BNB closing the week with a 1% loss.
As long as the support at $206 remains intact, buyers may make another attempt to break out. To achieve this, the price needs to rise above $220 and avoid dropping below that level.
Looking forward, BNB faces a significant resistance point at $230, which is likely to impede any rally, even if buyers succeed in pushing the price above $220.
Chart Source: TradingView
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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