Ethereum, Ripple, Cardano, Solana and Binance Coin

Ethereum, Ripple, Cardano, Solana and Binance Coin

This week we take a closer look at Ethereum, Ripple, Cardano, Solana and Binance Coin.

Charts_Friday_2309

Ethereum (ETH)

Despite the bullish fundamentals of Ethereum’s merger, the price of the second largest cryptocurrency has continued its downward trend, registering a loss of 10% in the past seven days. At the time of this post, ETH managed to find support at $1,250, but this level remains fragile.

Resistance is not far away at $1,400, and bears are likely to come in strongly if the price manages to rally to that level. Unfortunately for the bulls, the buying volume just isn’t there to push the price higher. With the weekend around the corner, volume is likely to drop further and it is likely that we will have to wait until Monday for significant volatility.

Looking ahead, it appears that ETH will remain in a downtrend. Only a clean break above $1,400 can reverse this negative bias. The indicators on the daily timeframe are also giving a bearish signal, and this is unlikely to change anytime soon.

ETHUSD_2022-09-23_12-27-53
Chart by TradingView

Ripple (XRP)

Ripple has been one of the strongest performers in a market that has otherwise only seen red in the last week. With a 54% increase in the last seven days, XRP is back in the spotlight, fueling rumors about what may have caused this surge.

This latest rally stalled when the price hit the $0.55 resistance. XRP is currently taking a pause after such a significant move and is consolidating below this key resistance. Support is found at $0.44 and cannot be tested if buyers are still interested.

This move by XRP has surprised the market, considering that both BTC and ETH have made lower lows in the past week. The biggest question is whether buyers will be able to sustain this rally and protect these recent gains. XRP is known for its sharp price increases, only to be followed by a gradual correction back to previous price levels.

XRPUSDT_2022-09-23_12-34-47
Chart by TradingView

Cardano (ADA)

With the Vasil upgrade underway, Cardano had a good attempt at a rally, but the volume just wasn’t there to make it count. For this reason, ADA’s price registered a loss of 2% in the last seven days. The support is at $0.43 and this key level has managed to stop the downtrend in the past.

For ADA’s price to reverse and move into an uptrend, buyers need to break the $0.50 level. Otherwise, the cryptocurrency will continue to move sideways between these key levels as before. The indicators are also quite flat, indicating a period of consolidation.

Looking ahead, the ADA appears to be taking its time before making any significant moves. The premise is neutral. The best that can happen to Cardano at this point is a breach of the key $0.50 resistance.

ADAUSDT_2022-09-23_12-43-48
Chart by TradingView

Solana (SOL)

The latest rejection of the $38 resistance has pushed Solana’s price into a downtrend that lost 3% of its valuation over the past seven days. Now SOL has found critical support with the price hovering just above $30.

Buyers must do everything they can to protect the key support, because otherwise Solana will enter a very dangerous area that could lead to a significant drop in price. In August and September, buyers managed to defend the $30 support, but the current market does not favor them.

The indicators do not give any clear hits on where Solana can go further and are rather neutral. This shows that market players are hesitating. Usually this type of price action precedes a big move one way or another. Therefore, it is best to be prepared for it.

SOLUSDT_2022-09-23_12-53-38
Chart by TradingView

Binance Coin (BNB)

Binance Coin has lost the uptrend established in March 2020. This may cause problems in the future as the price may enter a significant correction. Currently, the cryptocurrency is consolidating in a descending triangle, represented in blue on the chart. For this reason, BNB only increased by 1% compared to seven days acritically

The key support is found at $261, and the resistance at $300. This descending triangle will likely be resolved by mid-October, when we will know where Binance Coin is headed next. Should the price fall below the triangle, bears are likely to dominate the price action and aim for $200.

Despite this bearish outlook, fundamentals for BNB remain strong and any significant price decline could be followed by a rapid recovery. This is conditional on the overall crypto market recovering as it will bring back the demand for BNB on the largest crypto exchange behind this coin.

BNBUSDT_2022-09-23_13-07-53
Chart by TradingView
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Cryptocurrency charts by TradingView.

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