This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Litecoin.
In the past week, Ethereum consolidated its price above the key support at $1,240 by moving sideways, which did not allow it to diverge much compared to seven days ago. However, this price action made a higher low which could be interpreted as bullish.
If buyers return to ETH, the next key resistance is found at $1,365, where it is likely to face a more significant pushback. While there are signs to be optimistic, the indicators show a lack of conviction which is also reflected in the current price.
Looking ahead, Ethereum could try to break the key resistance in the coming weekend. To do that, buyers will need to return in force since, right now, the volume has dropped to October levels when the price action was also flat. The longer this consolidation lasts, the more volatile the breakout will likely be from the current range.
XRP has a similar price action to Ethereum after moving sideways since late November. For this reason, its price is very similar to seven days ago, albeit with a small loss of 1.8%. With good support at $0.37, XRP seems more likely to attempt a breakout above the $0.44 key resistance in the coming weeks.
The volume remains low, but so long as this cryptocurrency manages to stay above the key support, then the bias leans to the bull side. This is because sellers lack the conviction to push the price lower, and so far, XRP has made higher lows like ETH.
Looking ahead, market participants could be in for a test of the critical resistance. This could be the trigger this cryptocurrency needs to bring back the much-needed volume. A sharp rejection at $0.44 would be considered extremely bearish, while a breakout would open the path for XRP to reach $0.50 again.
Compared to ETH and XRP, Cardano looks weaker, and this can also be measured by the distance of the current price from the all-time low this year. Bulls were very shy in the past few weeks, which did not allow ADA to move much beyond its key support at $0.30. This also means its price is pretty much identical to seven days ago.
The current price action places ADA in a consolidation period, and the key resistance is found at $0.34, which is still some distance away. While some cryptocurrencies (like ETH and XRP) suggest this flat trend could end with a breakout, the chart for Cardano shows a lot of uncertainty.
Looking ahead, ADA may attempt to test the key resistance, but equally, the price can also break below its current support if the overall market turns bearish again. Such a bearish turn could quickly see ADA’s price fall to the next key support at $0.28.
Binance Coin (BNB)
BNB is in a much better position compared to the other coins on this week’s list. Since the low it made in June, the price continued to make higher lows and higher highs. This uptrend has stopped somewhat in the past few months as the price ranged under $300 most of the time.
Due to this flat price action, the price of BNB is pretty similar to seven days ago, and the expectation is that it will continue to range between $300 and $260. The catalyst for a major breakout is still to come, and the overall market appears to be waiting for this.
As the token of the largest crypto exchange in the world, BNB continues to show strength. The additional demand created by Binance users has allowed it to never revisit the lows from June, while many other cryptocurrencies have made lower lows since then. This means that BNB may have already bottomed during this bear market.
As one of the best performers in the past few weeks, Litecoin continues to look strong. The price is currently consolidating above the key support at $74, which so far has held well. While momentum has faded a bit, with only a 0.9% increase in the past seven days, there are reasons to be optimistic.
The failure of sellers to push LTC under $74 after multiple attempts is a bullish sign. For this reason, this cryptocurrency seems more likely to move to $95 next as bulls appear to have the upper hand.
Looking ahead, LTC could continue to outperform the overall market. However, its biggest challenge will be to break into a three digits valuation as sellers may be waiting for that moment to strike. More so, buyers may also turn into sellers once LTC approaches $100 to secure profits. This is why a break above $100 appears difficult now.
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