This week we’ll take a closer look at Ethereum, Ripple, Cardano, Binance Coin and Solana.
Ethereum had a very tough time in June, with prices below $ 1,000. However, these declines have brought back buyers and ETH has increased by 9% over the last seven days. At the time of this post, ETH is sitting comfortably above the main level of support.
This pricing behavior could turn into a significant bailout rally with potential goals of $ 1,420 and $ 1,700. When these levels are reached, it acts as a resistor. So far, ETH has a higher low and the momentum is bullish. Yesterday, the MACD of the daily time frame also crossed the bullish side. This confirms this bias.
Nonetheless, many market participants are skeptical of rising prices, but after such a long fix, this shouldn’t surprise anyone. A backlash in the bear market can be significant, especially if prices have been declining since March.
XRP has shown strong performance this week, rising 19.5% over the last seven days. This latest push has raised cryptocurrencies to a major resistance of $ 0.38. It will be very impressive to see it continue without worrying too much about resistance.
During last week’s crash, XRP found good support at $ 0.30, which served as a powerful pivot for the current rally. The short-term indicators of the daily time frame have also become bullish, with the RSI above 50 points and on the bullish side.
The biggest question in the future is whether XRP can break the resistance of the key. If so, the buyer can return the price to about $ 0.5, which will fully recover the loss in June.
Cardano showed tremendous strength at a key support level of $ 0.45, but was disappointed with the recovery as it had not been able to recover in a significant way so far. As a result, its price has risen only 4.3% in the last 7 days. This is one-fifth of altcoin like XRP.
Prices are condensed above key support, and the daily timeframe indicator is bullish today with the MACD crossover on the positive side. Of course, this is a short-term outlook. In longer timeframes, cryptocurrencies are on a downtrend.
Looking to the future, ADA may try to rally next week to challenge the bear with a major resistance of $ 0.55. If successful, the ADA can reach $ 0.66.
Binance Coin (BNB)
Binance Coin realized that he was in a very dangerous area when it tended to fall below $ 200 in June. This is because prices below that level negate the uptrend set after March 2020. Fortunately for BNB, this intrusion of less than $ 200 was short-lived and short-lived. Prices have been on the rise since then, and the $ 200 key support remains strong.
BNB has shown good recovery so far, recording a 12% increase over the last 7 days. This bailout rally could last up to $ 267 when the first resistance was found. If it’s bullish, the next important level to watch out for is $ 347.
Bias is bullish in the medium term as Binance Coin indicators are turning bullish. However, be wary as soon as the price approaches the initial resistance of $ 267. A sharp rejection there could turn sentiment into a bear again.
Since touching support for $ 27, Solana has had only one direction. As a result, SOL has recorded a 32% price increase over the past seven days. This will give you the best performance on the list. Most recently, the price has surpassed the $ 37 major resistance and could soon challenge the $ 44 resistance.
With this behavior and volatility, SOL achieved both the highest and lowest performance ever, depending on market trends at the time. Market participants need to consider this type of volatility in the future when considering Solana.
SOL may continue to maintain its current upward trend for the foreseeable future. However, there is strong resistance as prices approach $ 50. A refusal there could lead to a serious fix again.
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Cryptocurrency chart by TradingView.