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 hold above $1,600, posting just a 2% rise. The current trend is down on lower time frames, and a test of the key support at $1,550 looks imminent.
Given the above, it is difficult to expect buyers to hold the price anytime soon as a pullback and correction looks more likely. At best, the buyers may aim to defend the key support levels at $1,550 and $1,400.
Looking ahead, ETH may enter a period of low volatility after such a steep rally. This could prove bullish as long as the buyers do not allow the price to fall too far, allowing them to establish a good base for the next bullish momentum.
Chart by TradingView
Ripple (XRP)
XRP is in a similar situation to Ethereum. Its price posted a 4% rise last week, but the momentum from the bulls seems to be fading. It seems that market participants are more interested in testing the key support at 40 cents rather than challenging the resistance at 44 cents.
If the buyers do not hold on to $0.40 cents, then this cryptocurrency could quickly drop towards the next support level at $0.36. That would also turn market sentiment bearish for XRP.
Looking ahead, volatility is likely to increase when support levels are reached. This means that it is important to be very cautious.
Chart by TradingView
Cardano (ADA)
Cardano made a higher high last week, but in the process, the RSI and MACD made a lower low. This is called bearish divergence and warns potential buyers that bullish momentum may change.
However, ADA still managed to record an 11% price increase last week, putting it ahead of XRP and ETH. With good support at $0.36, ADA could consolidate above this level and try to challenge the key resistance at 40 cents.
Looking ahead, Cardano has a hard time. Any failure at $0.40 will likely be taken advantage of by sellers who have been patiently waiting until now to make their move.
Chart by TradingView
fit (APT)
Aptos is the clear winner on our list this week after booking a 127% price increase. This extraordinary performance comes on the heels of an incredible rally that started in early January. Since then, the price of APT has increased by more than 400%.
This cryptocurrency may continue its rally in the near term, and a potential reversal point based on Fibonacci extensions can be found at $22.
Looking ahead, Aptos has support at $16 and $11, should the bears decide to take over the price action going forward. For now, the buyers are in a very privileged position, and until clear resistance is confirmed, the trend remains bullish.
Chart by TradingView
Binance Coin (BNB)
Binance Coin only managed a 3.6% price increase last week. The buyers also had the difficult task of defending the key support at $300. The 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 the buyers do not have the strength, at this point, to push the price beyond the key support. This could be interpreted as a sign of weakness. However, as long as the key $300 level 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 equilibrium at this level.
Chart by TradingView
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