This week, we take a closer look at Ethereum, Ripple, Cardano, Aptos, and Binance Coin.
Ethereum (ETH)
Ethereum’s rally cooled off this week after its price failed to stay above $1,600, booking only a 2% increase. The current trend is leaning bearish on lower timeframes, and a test of the key support at $1,550 appears imminent.
Considering the above, it is hard to expect buyers to hold onto the price in the near term as a pullback and correction seem more likely. At best, buyers can aim to defend the key support levels at $1,550 and $1,400.
Looking ahead, ETH may enter a low volatility period after such a steep rally. This could turn out to be bullish as long as buyers don’t allow the price to fall too low, allowing them to set up a good foundation for the next push higher.
Ripple (XRP)
XRP is found in a similar situation to Ethereum. Its price booked a 4% increase in the past week, but the momentum from the bulls appears to be fading. It appears that market participants are more interested in testing the key support at 40 cents as opposed to challenging the resistance at 44 cents.
If buyers fail to hold at $0.40 cents, then this cryptocurrency could quickly fall lower toward the next level of support at $0.36. That would also turn the market sentiment bearish for XRP.
Looking ahead, the volatility will likely increase when the levels of support are reached. This means that it’s important to remain very cautious.
Cardano (ADA)
Cardano made a higher high this past week, but in the process, the RSI and MACD made a lower low. This is called a bearish divergence which warns potential buyers that the bullish momentum may shift.
Nevertheless, ADA still managed to book an 11% price increase in the past week, placing it ahead of XRP and ETH. With good support at $0.36 cents, ADA could consolidate above this level and attempt to challenge the key resistance at 40 cents.
Looking ahead, Cardano has a difficult. Any failure at the $0.40 cents will likely be exploited by sellers which have so far been waiting patiently to make their move.
Aptos (APT)
Aptos is the clear winner on our list this week after booking a 127% price increase. This extraordinary performance comes on the back of an unbelievable rally that started in early January. Since then, APT’s price has increased by more than 400%.
This cryptocurrency can continue its rally in the near term, and a possible reversal point can be found based on the Fibonacci extensions at $22.
Looking ahead, Aptos has support at $16 and $11, should bears decide to take over the price action in the future. For now, buyers are in a very privileged position, and until a clear resistance is confirmed, the trend remains bullish.
Binance Coin (BNB)
Binance Coin only managed a 3.6% price increase in the past week. Buyers also had the difficult task of defending the key support at $300. Bears tried to break this key support several times but have been unsuccessful so far.
The key resistance at $330 has not been tested, and buyers do not have the strength, at this time, to push the price beyond the key support. This could be interpreted as a sign of weakness. Nevertheless, so long the key level at $300 holds, the bulls still have the upper hand.
Looking ahead, BNB appears to be consolidating along its key support level, and this may continue for some time as the market has found an equilibrium at this level.
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