This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin and Solana.
Ethereum had a very painful time in June, with prices well under $ 1,000. However, these downturns have brought buyers back, and over the last seven days, ETH has increased by 9%. At the time of this post, ETH is sitting comfortably above the main support level.
This price move could turn into a significant relief rally with potential targets at $ 1,420 and $ 1,700. These levels act as resistance if reached. At present, ETH is making more reductions and the momentum is bullish. The MACD crossed over to the bullish yesterday in the daily time frame, which confirms this bias.
Despite this, many market participants are skeptical of price increases, but after such a long correction, this should not surprise anyone. Rallies can be significant during the bear market, especially when prices are down from March.
XRP had strong performance this week, rallying 19.5% over the last seven days. This latest push has taken more cryptocurrency to a major resistance at $ 0.38. It’s impressive enough to see it continue without much consideration for resistance.
During last week’s crash, XRP found good support at $ 0.30 and served as a strong pivot to its current rally. Short-term indicators have also become bullish in the daily time frame, and the RSI has moved above 50 points, putting it on the bullish side.
Looking ahead, the big question is whether XRP manages to break the major resistance. If so, buyers could push the price down to about $ 0.5, which would recover the full loss in June.
Cardano Airport (ADA)
While Cardano has shown tremendous power at a key support level of $ 0.45, it has been disappointing in its recovery by failing to rally in significant ways to date. For this reason, its price has only increased 4.3% in the last seven days, five times lower than altcoins such as XRP.
Prices have been freezing above major support, and indicators are bullish on the positive side today with the MACD crossover in the daily time frame. Of course, this is a short-term outlook. In big time frames, cryptocurrency stays in the downtrend.
Looking ahead, the ADA may try to rally in the coming week to challenge the Bears at a major resistance of $ 0.55. If successful, the ADA could reach $ 0.66 all the way.
Binance Coin (BNB)
Binance Coin was found in the most dangerous waters when it trended under $ 200 in June. Because that level of price invalidates the uptrend set from March 2020. Fortunately for BNB, the onslaught under $ 200 is brief and short-lived. Since then, the price has been trending upward, and major support remains strong at $ 200.
BNB has had the best recovery so far, recording a 12% increase over the last seven days. This relief rally can last up to $ 267, where the first resistance is found. If that doesn’t stop the bulls, then the next most important step to watch is $ 347.
The bias is bullish in the medium term, with the indicators for Binance Coin being bullish. However, be careful as soon as the price approaches the first resistance at $ 267. Where a sharp rejection can bear the feeling back.
Solana Airport (SOL)
Since touching the support at $ 27, Solana has only one direction: up. For this reason, in the last seven days, SOL has recorded a 32% price increase. It makes the best show on our list. More recently, the price has broken on major resistance at $ 37, and it may soon challenge resistance at $ 44.
This action and volatility have made SOL the best and worst performer in the past, depending on market trends at the time. Market participants will need to take this type of volatility into account in the future when considering Solana.
Looking ahead, SOL may continue to maintain its current uptrend in the near term. However, there is some strong resistance as the price approaches $ 50. Where rejection may once again lead to significant correction.
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Cryptocurrency charts via Trading View.