Ethereum, Ripple, Cardano, Solana, and Polygon

This week we’ll take a closer look at Ethereum, Ripple, Cardano, Solana and Polygons.

Ethereum (ETH)

Ethereum has recorded a great rally since mid-July, up 37.4% in the last 7 days and over 60% since July 13th, the best performance on the list. This is beginning to wonder if the bear market is over for market participants given that ETH is the second largest cryptocurrency by market capitalization. Some say that ETH has already bottomed out, but it’s too early to call it.

Current price behavior is bullish and the next major resistance has been found at $ 1,720. The $ 1,400 support wasn’t even retested because buyers are so enthusiastic about getting exposure. This is another bullish sign that this month’s market sentiment has changed. The question is whether it will continue.

Looking to the future, ETH is ready to test key resistance at $ 1,720 and can even rise towards $ 2,000 when managing a successful breakout. The indicators of the daily time frame remain bullish and they do not yet appear to be overextended. If this momentum is maintained, the daily RSI will soon reach an overbought state, so it is important to pay attention, not FOMO.

Ripple (XRP)

Ripple has seen similar pricing behavior as ETH in the past week, but the rally has been less intense, with a 10.5% price increase over the last seven days. Cryptocurrencies are currently being discovered with a critical resistance of $ 0.38. Breakouts may continue if the buyer continues to be interested.

The reason XRP failed to rise is that prices have remained in a range since June and the bounce from support is less important whenever the macro trend is flat. Nonetheless, the outlook for XRP is positive and the indicators give a bullish bias.

Looking to the future, Ripple could try to break the key resistance at $ 0.38, which could unleash a more significant rise, perhaps even towards half-dollar. This will allow XRP to regain its spotlight and regain some of its previously lost market share.

Cardano (ADA)

ADA is a bit more successful than XRP, reaching a valuation of half a dollar after the last seven days of good performance, with prices rising 15.2%. With another push from the buyer, it could be even higher in the next few days.

The main resistance levels are at $ 0.55 and $ 0.66. If ADA can get out of these levels, prices could move away from the current flat trend that has been going on since May and enter a significant rise.

ADA seems to challenge major resistance levels next week. For this reason, it is unlikely that we will be testing support for $ 0.45 at this time. Indicators also give a bullish bias and purchases look solid.

Solana (SOL)

Last week, Solana made a big attempt to break through the blue upward triangle on the chart. Bears managed to reject it, but SOL still recorded strong performance in the last seven days, up 18%.

At the time of this article, the Bulls have taken action again, surpassing the $ 44 resistance again. If successful, this could initiate another important run of SOL.

Looking back at Solana’s past price behavior, we don’t hesitate to soar prices as soon as buyers take control. With lower critical resistance, SOL’s next target will be just under $ 60.

Polygon (MATIC)

MATIC is challenging Ethereum as the first spot on the list after a 30% increase in the last 7 days. In addition, MATIC rose more than 200% to nearly $ 1 yesterday as prices bottomed out at 31 cents. This is an impressive rally and one of the most important moves in the market.

However, buyers should be wary, as bears can become stronger with the major resistance seen at the psychological level of $ 1. Earlier buyers may decide to make a profit here, which may reduce the current bullish momentum.

From now on, MATIC seems to be in a good position to continue the rally, but it requires a clean break in the key resistance. Otherwise, the price could return to support at $ 0.64.